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Calculate sunlands 2020 net income

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Question

Sunland Corporation has outstanding at December 31, 2020, 45,000 shares of $22 par value, cumulative, 6% preferred stock and 201,500 shares of $8 par value common stock. All shares were outstanding the entire year. During 2020, Sunland earned total revenues of $1,970,000 and incurred total expenses (except income taxes) of $1,130,000. Sunland's income tax rate is 31%.

Calculate Sunland's 2020 net income.

Reference no: EM132359793

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