Crane Corporation has outstanding at December 31, 2020,47,000shares of $19par value, cumulative,8% preferred stock and202,000shares of $6par value common stock. All shares were outstanding the entire year. During 2020, Crane earned total revenues of $2,010,000and incurred total expenses (except income taxes) of $1,180,000. Crane's income tax rate is31%.

Calculate the Net income