Corona Corporation's financial statements for the current year include the following:

Income before income tax	$ 818,400
Income tax expense	$ 125,000
Prior period adjustment (increase in prior year net income, net of taxes)	$ 250,800
Cash dividends paid to preferred stockholders	$ 266,640
Gain from discontinued operations (net of taxes)	$ 541,200
Non-recurring loss	$ 125,400

On the basis of this information, net income for the current year is:

rev: 02_22_2021_QC_CS-254279

Multiple Choice

• $1,234,600

• $693,400

• $1,360,000

• $1,108,800