Rich Company sells yachts. The yachts have a standard two year warranty included in the sales price and an optional additional two-year extended warranty available for purchase. Tiger Woods bought 1 yacht on January 1, 20X1, information on the sale is below. He bought the extended warranty.

Sales price	6,000,000
Cost of goods sold	5,106,000
Extended warranty sales price	408,000

Estimated costs for warranty

Standard warranty	168,000
Extended warranty	265,000

Actual cost of warranty work performed

Warranty cost in 20X1	69,000
Warranty cost in 20X2	77,000
Warranty cost in 20X3	155,000
Warranty cost in 20X4	188,000

Assuming no taxes, what is the net income (revenues less expenses) recognized in 20X3 from this sale?