Psi Corporation is a retail company. They provided you with the following information for the fiscal year ending December 31, 2023:

• Sales Revenue: $1,500,000
• Cost of Goods Sold: $750,000
• Rent Expense: $200,000
• Utilities Expense: $75,000
• Salaries Expense: $400,000
• Depreciation Expense: $90,000

Calculate Psi Corporation's Net Income and prepare an Income Statement for the fiscal year ending December 31, 2023.