XYZ Company reported the following revenue and cost information for October:

Sales revenue ............ $494,000

Variable costs ........... $212,420

Fixed costs .............. $192,660

XYZ Company re-negotiated it lease beginning in November. The old lease required fixed payments of $26,000 per month. The new lease eliminated these payments and instead required a monthly payment equal to 4% of sales for the month.

XYZ Company reported sales revenue of $418,000 for the month of November.

Calculate the net income reported by XYZ Company in November.