The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue Cost of Goods sold Operating expenses $890,000 300,000 220,000 Income from discontinued operations 140,000 Loss on disposal of discontinued operations 60,000 Calculate the Net income of the company: Answer: