Sidney Company reported the following items on its financial statement for the year ending December 31, 20X1. This is the first year of operations.

Sales	$955,000	Cost of Goods Sold	$468,000
Salary Expense	53,000	Interest Expense	31,000
Dividends	12,000	Income Tax Expense	45,000

What is the Net Income reported for the period ending Dec. 31, 20X1?

	a.	$487,000
	b.	$163,000
	c.	$403,000
	d.	$346,000
	e.	$358,000