Question 19 (8 points) Edwards Company is developing its budgets for 2021 and, for the first time, will use the kaizen approach. Kaizen budgeting explicitly incorporates continuous improvement such as cost reduction anticipated during the budget period. The initial 2021 income statement, based on static data from 2020, is as follows: Sales (140,000 units) Less: Cost of goods sold (140,000 units) Gross margin Operating expenses (includes $28,000 of depreciation) Net income $420,000 280,000 140,000 112,000 $28,000 The cost of goods sold as estimated by the kaizen approach will decline by 10% per unit. Other than depreciation, all other operating costs are expected to decline by 10%. What would be the amount of budgeted net income in a kaizen-based budgeted income statement for 2021?