Presented below is information related to Donaldson Corp., for the year 2022. Prepare an income statement and answer the question below and other questions requiring the use of this income statement.

Net sales	$1,820,000
Cost of goods sold	1,240,000
Selling expenses	86,000
Administrative expenses	144,000
Dividend revenue	25,000
Rent revenue	20,000
Interest expense	50,000
Flood damage loss	40,000
Loss from operations of discontinued, net of tax	190,000
Gain from disposal of component, net of tax	260,000

Federal tax rate of 20% on all items. In the multiple-step income statement for 2022, how much was net income?

.

a. $350,000

b. $380,000

c. $314,000

d. $370,000