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A US-based company has a subsidiary in the UK. The subsidiary's income statement for the year 2022 is as follows: Revenue: 1,000,000 Expenses: 500,000 Net

A US-based company has a subsidiary in the UK. The subsidiary's income statement for the year 2022 is as follows: Revenue: 1,000,000 Expenses: 500,000 Net income before taxes: 500,000 The exchange rate between USD and GBP is 1.4. Calculate the subsidiary's net income in USD for the year 2022.

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