Please figure out the net income for the Ryan Company from the following projected accounting balance as of December 31:

Accounts payable	$60,000		Sales	$900,000
Accounts receivable	120,000		Capital stock	200,000
Depreciation, factory	12,000		Retained earnings	?
Inventories (5/31 & 6/30)	160,000		Cash	80,000
Direct materials used	200,000		Equipment, net	250,000
Office salaries	90,000		Buildings, net	450,000
Insurance, factory	14,000		Utilities, factory	15,000
Plant wages	120,000		Selling expenses	40,000
Bonds payable	140,000		Maintenance, factory	30,000