Th firm has disclosed the following financial information in its annual reports for the period ending March 31, 2017: sales of $1.54 million, cost of goods sold of $812,400, depreciation expenses of $175,000, and interest expenses of $89,575.

Assume that the firm has an average tax rate of 56 percent.

What is the company's net income? Set up an income statement to answer the question.(Round answers to 2 decimal places, e.g. 15.25)

Please show solution.