The Ivanhoe Company has disclosed the following financial information in its annual reports for the period ending March 31, 2017: sales of $1.70 million, cost of goods sold of $813,400, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has an average tax rate of 35 percent. What is the companys net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e.g. 15.25)

Ivanhoe Company Income Statement choose the accounting period For the year ended on March 31, 2017For the period ended on March 31, 2017March 31, 2017
		Amount
select an income statement item TaxesCost of Goods SoldInterestEarnings Before Interest and TaxesDepreciationEarnings Before TaxesEarnings Before Interest, Taxes, Depreciation, and AmortizationNet Income / (Loss)Revenues		$enter a dollar amount
select an income statement item DepreciationInterestCost of Goods SoldNet Income / (Loss)Earnings Before Interest, Taxes, Depreciation, and AmortizationTaxesEarnings Before Interest and TaxesRevenuesEarnings Before Taxes		enter a dollar amount
select a summarizing line for the first part DepreciationRevenuesTaxesInterestEarnings Before Interest, Taxes, Depreciation, and AmortizationEarnings Before Interest and TaxesEarnings Before TaxesCost of Goods SoldNet Income / (Loss)		$enter a total amount for the first part
select an income statement item RevenuesEarnings Before TaxesInterestCost of Goods SoldEarnings Before Interest, Taxes, Depreciation, and AmortizationTaxesEarnings Before Interest and TaxesDepreciationNet Income / (Loss)		enter a dollar amount
select a summarizing line for the second part TaxesDepreciationNet Income / (Loss)RevenuesEarnings Before TaxesEarnings Before Interest and TaxesEarnings Before Interest, Taxes, Depreciation, and AmortizationCost of Goods SoldInterest		$enter a total amount for the second part
select an income statement item InterestEarnings Before TaxesTaxesEarnings Before Interest and TaxesNet Income / (Loss)DepreciationRevenuesCost of Goods SoldEarnings Before Interest, Taxes, Depreciation, and Amortization		enter a dollar amount
select a summarizing line for the third part InterestNet Income / (Loss)DepreciationEarnings Before TaxesTaxesRevenuesCost of Goods SoldEarnings Before Interest and TaxesEarnings Before Interest, Taxes, Depreciation, and Amortization		$enter a total amount for the third part
select an income statement item Earnings Before TaxesEarnings Before Interest and TaxesDepreciationEarnings Before Interest, Taxes, Depreciation, and AmortizationInterestNet Income / (Loss)RevenuesTaxesCost of Goods Sold		enter a dollar amount
select a closing name for this statement DepreciationEarnings Before TaxesTaxesEarnings Before Interest, Taxes, Depreciation, and AmortizationCost of Goods SoldInterestRevenuesNet Income / (Loss)Earnings Before Interest and Taxes		$enter a total net income or loss amount