82,000 shares issued and outstanding Required information [The following information applies to the questions displayed below) Bacon Inc. has the following stockholders' equity section in its May 31, 2019. comparative balance sheets: Paid-in capital: Preferred stock, $150 par value, 5%, cumulative, 100,000 shares authorized, May 31, 2019 April 30, 2019 $12,300,000 $12,300,000 Common stock, $6 par value, 600,000 shares authorized, 350,000 and 330,000 shares issued, respectively Additional paid-in capital Retained earnings 14,820,000 12,220,000 1,980,000 14,440,000 11,944,000 Less: Treasury common stock, at cost; 20,000 shares and 19,000 shares, respectively (1,840,000) (1,824,000) Total stockholders' equity $38,840,000 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May. Net income