Accounting IIExercise 14-14 (Part level Submission) Ringgold Corporation has outstanding at December 31, 2014,45,420shares of $18par value, cumulative,7% preferred stock and204,400shares of $7par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $1,955,900and incurred total expenses (except income taxes) of $1,129,400. Ringgolds income tax rate is31%.

(a1) Calculate Ringgolds 2014 net income.

Net Income

$