Wildhorse, LLC is a small company that sells decorative picture frames from local artisans. John, the chief financial officer (CFO), is in the process of compiling a Budgeted Income Statement for 2024 so that the company can apply for a loan at the local bank. John has budgeted for sales of 6,700 mugs at a sales price of $16,00 per mug. The company originally paid $2.00 per mug when it acquired them. The company has selling. general \& admin (SG\&A) expenses of $49.500 and an existing loan of $7,900 with an annual percentage rate(APR) of 4.0%. The tax rate is a flat 21%. What is the amount of net income that the company will report on the budgeted income statement for 2024 ? (Round answers to 0 decimal places, es: 1,525.) Net Income $