The following selected account balances were taken from ABC Company's general ledgers for July: July 1 July 31 Accounts payable $26,000 $49,000 Prepaid insurance $33,000 $15,000 Income tax payable $14,000 $22,000 Inventory $68,000 $84,000 Accounts receivable $52,000 $71,000 ABC Company's statement of cash flows for July included the following: Cash collections from customers ..... $404,000 Cash paid to purchase inventory ..... $269,000 Cash paid for insurance ............. $ 57,000 Cash paid for income taxes .......... $ 31,000 ABC Company's income statement for July appears below: Sales revenue ....................... ? Cost of goods sold .................. ? Insurance expense ................... ? Income tax expense .................. ? Net income .......................... ? Calculate ABC Company's net income for July.