The Shoe Company, a merchandising firm, has budgeted its activity for April according to the following information: I. Sales at $650,000, all for cash. II. Merchandise inventory on March 31^st was $300,000. III. Budgeted depreciation for April is $35,000. IV. The cash balance at April 1 was $25,000. V. Selling and administrative expenses are budgeted at $60,000 for April and are paid in cash. VI. The planned merchandise inventory on April 30 is $270,000. VII. The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid for in cash.

What is the budgeted net income for April?