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ringgold corporation has outstanding atdecember 31 2014 48260 shares 20 par value cumulative

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Ringgold Corporation has outstanding atDecember 31, 2014, 48,260 shares of $20 par value, cumulative, 8% preferred stock and 196,800 shares of $7 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $1,966,700 and incurred total expenses (except income taxes) of $1,157,400. Ringgold’s income tax rate is 31%. Calculate Ringgold’s 2014 net income.

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