Crane Corporation has outstanding at December 31, 2020,49,500shares of $18par value, cumulative,8% preferred stock and200,500shares of $8par value common stock. All shares were outstanding the entire year. During 2020, Crane earned total revenues of $1,980,000and incurred total expenses (except income taxes) of $1,190,000. Crane's income tax rate is32%.

(a1)

Calculate Crane's 2020 net income: