Tax project The Forecast and Budget Department of XYZ Corporation (involved in the retail trade business) has developed the following selected financial information for the year 2019: $ Gross receipts 25,800,000 Cost of goods sold 21,300,000 Dividends received (less than 20%-owned) 150,000 Interest Income 50,000 Interest Expense 850,000 Depreciation 575,000 Other Operating Expenses 1,500,000 XYX is planning a major expansion project for the year 2020 and is in the process securing the needed financing. Financial approval is dependent upon the company averaging Net Income of at least $750,000 for the last three years. Net income for 2017 and 2018 was $875,000 and $925,000 respectively. Your boss the Vice President of Financial Operations has asked you to use the numbers above and calculate Net Income for 2019 to see if it meets or exceeds the target of $750,000. net income is after-tax income

explaination, please.