The current net income of Thompson Company is

$240,000,

and 10,000 shares of common stock have been issued. The company is considering a project that requires

$360,000

and would issue bonds payable at

8%.

Management believes that the funds raised can be used to increase income before interest and taxes by

$360,000

per year. The current tax rate is 40%. What would be the amount of total projected net income if the new project is added to the current projects?