Lakeview School, a private high school, is preparing a planned income statement for the coming academic year ending August 31, 20X4. Tuition revenues for the past two years ending August 31 were 20X3: $720,000, and 20X2: $770,000. Total expenses for 20X3 were $710,000 nad in 20X2 were $730,000. No tuition rate changes occured in 20X2 or
20X3, nor are any expected to occur in 20X4. Tuition revenue is expected to be $710,000 for 20X4. What net income should be planned for 20X4, assuming that the implied cost behavior remains unchanged?