Eastern Outfitters is an eastern outfitter. Eastern's operating data includes the following:

Sales are budgeted at $340,000 for November, $380,000 for December, and $360,000 for January.

Collections are expected to be 56% in the month of sale, 41% in the month following the sale, and 3% uncollectible.

The cost of goods sold is 79% of sales.

Eastern must maintain ending merchandise inventories equal to 64% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase.

Other monthly expenses to be paid in cash are $23,100.

Monthly depreciation is $21,000.

Ignore taxes.

Statement of Financial Position as of October 31:

AssetsCash$22,000Accounts receivable (net)77,000Inventory190,400Property, plant and equipment (net)934,000Total Assets$1,223,400Liabilities and Stockholders' EquityAccounts Payable$281,000Common Stock620,000Retained Earnings322,400Total liabilities and stockholders' equity$1,223,400

Net Income for January is: