Western Supply is a western supplier. Western's operating data includes the following: . Sales are budgeted at $340,000 for November, $380,000 for December, and $350,000 for January. . Collections are expected to be 56% in the month of sale, 42% in the month following the sale, and 2% uncollectible. . The cost of goods sold is 74% of sales. . Western must maintain ending merchandise inventories equal to 62% 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: Assets Cash $22,000 Accounts receivable (net) 77,000 Inventory 1:40,400 Property, plant and equipment (net) 934,000 Total Assets $1,223,400 Liabilities and Stockholders' Equity Accounts Payable $281,000 Common Stock 620,000 Retained Earnings 322,400 Total liabilities and stockholders' equity $1,223,400 Net Income for December is