Packard Company began operations on 1/1/04. For its second year of operations, 2005, it has the following activity:

Pretax financial income		$250,000
Municipal interest		5,000
Accrual of warranty costs in excess of amounts paid - expected to reverse next year		10,000
Percentage depletion in excess of cost depletion		37,500

In addition to the foregoing, Packard received $25,000 of rents in 2005 of which $15,000 remained unearned as of December 31, 2005. It is anticipated that the remaining amount will be earned in 2006. The enacted tax rate for 2004 is 40%, and 30% for 2005. For 2006 and all future years, it is 35%. Management has also determined that it is probable that 20 percent of all deferred tax assets will not be realized in the foreseeable future. As of December 31, 2004, there was a temporary difference in depreciation that resulted in future taxable amounts of $23,000. This temporary difference will reverse in 2005. (Note: As of 12/31/2004, the 40% enacted tax rate was the only tax rate that was enacted. The 30% rate and 35% rates were not enacted until after 12/31/2004). Based on the foregoing, what is the net income of Packard for the year ended December 31, 2005?