Builtrite had gross profits of $2,500,000. Operating expenses were $595,000 and interest expenses incurred were $362,000. Stock purchased for $37,500 was sold 15 months later for $50,500. Management declared a $500,000 common stock dividend and a $270,000 preferred stock dividend. What is Builtrite's taxable income? $1,056,000 $1,556,000 $1,593,500 $28.000