Oriole Corporation has outstanding at December 31, 2020,50,000shares of $22par value, cumulative,8% preferred stock and202,000shares of $4par value common stock. All shares were outstanding the entire year. During 2020, Oriole earned total revenues of $1,990,000and incurred total expenses (except income taxes) of $1,150,000. Oriole's income tax rate is31%.

(a1)

Calculate Oriole's 2020 net income.

Net Income$