The current net income of Thompson Company is $290,000, and 10,000 shares of common stock have been issued. The company is considering a project that requires $350,000 and would issue bonds payable at 6%. Management believes that the funds raised can be used to increase income before interest and taxes by $350,000 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?

A. $500,000

B. $487,400

C. $479,000

D. $619,000