The following information was taken from the records of Rectangle Corporation for the year ended December $31,2022$

Advertising expense $$120,000$

Income tax expense $78,000$

Accounts payable $80,700$

Dividends paid $90,000$

Retained earnings $(1/1/22)347,160$

Consulting revenue $600,000$

Rent expense $70,200$

Supplies expense $101,400$

The Net Income reported for Rectangle for the year is: