On January 1, 2021, two private companies that report under ASPE, Luxor Ltd. and Cale Inc., were incorporated. Each company operates a restaurant and had identical revenues during the year of $5 million but Luxor bought its building for $1.6 million and the related land for $600,000. The company estimated that the building would have a useful life of 20 years with no residual value. Luxor uses the straight-line method of depreciation. Because of the building purchase, Luxor had an outstanding 4% bank loan during the year amounting on average to $2.5 million. Cale, however, did not buy a building. Instead it rented a building under a five-year operating lease starting on January 1, 2021, for $17,000 per month. Because of this, the company had to install leasehold improvements for $200,000, which were completed in the first few days of January. Because Cale did not have to buy a building, its outstanding 4% bank loan during 2021 averaged only $350,000. The income tax rate for both companies is 22%. Assume both companies had identical revenues and expenses except for the items noted above.

If Luxor had net income of $165,000 for the year ended December 31, 2021, what net income did Cale have?