1. Apple Corporation has outstanding at December 31, 2022, 50,000 shares of $11 par value, cumulative 4% preferred stock and 240,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2022, Apple earned total revenues of $4,000,000 and incurred total expenses (except income taxes) of $2,600,000. Apples income tax rate is 20%.