Riverside School, a private high school, is preparing a planned income statement for the coming academic year ending August 31, 2013. Tuition revenues for the past two years ending August 31 were as follows: 2012, $760,000; and 2011, $810,000. Total expenses for 2012 were $750,000 and in 2011 were $771,000. No tuition rate changes occurred in 2011 or 2012, nor are any expected to occur in 2013. Tuition revenue is expected to be $750,000 for 2013. What net income should be planned for 2013, assuming that the implied cost behavior remains unchanged? Let's begin by determining the variable expense percentage. Now calculate the fixed expenses using data from 2012. Now calculate the net income that is planned for 2013