Net Income Calculation for ABC Inc.

ABC Inc. reported the following items on its income statement for the year ending December 31, 2022:

• Sales Revenue: $1,200,000
• Cost of Goods Sold: $800,000
• Operating Expenses: $200,000
• Interest Expense: $50,000
• Income Tax Expense: $70,000

What is the net income for ABC Inc. for the year 2022?