Use the following tables for the next several problems. $($Note: these tables are also available in a word document in the Solved Textbook Problems Module$)$

$2022$ Income Statement:

Sales revenue $600,000$

Cost of goods sold $240,000$

Fixed Costs $50,000$

Selling, General, and Admin Expenses $30,000$

Depreciation $50,000$

$2021$ Balance Sheet:

Assets Liabilities

Cash $60,000$ Notes Payable $30,000$

Accounts Receivable $40,000$ Accounts Payable $40,000$

Inventories $20,000$ Long$-$Term Debt $150,000$

Fixed Assets $300,000$ Owner's Equity

Accumulated Depreciation $100,000$ Retained Earnings $60,000$

Intangible Assets $50,000$ Common Stock $120,000$

$2022$ Balance Sheet:

Assets Liabilities

Cash $80,000$ Notes Payable $50,000$

Accounts Receivable $50,000$ Accounts Payable $40,000$

Inventories $40,000$ Long$-$Term Debt $180,000$

Fixed Assets $400,000$ Owner's Equity

Accumulated Depreciation, $150,000$ Retained Earnings $?????$

Intangible Assets $80,000$ Common Stock $150,000$

What is net income for $2022?$ Total interest paid in $2022$ is $$70,000$ and the tax rate is $25\%.$

Question $5$ options:

$$130,000$

$$100,000$

$$110,000$

$$90,000$

$$120,000$