Pharoah Corporation has outstanding at December 31, 2022, 46.500 shares of $18 par value, cumulative, 9% preferred stock and 197.500 shares of $4 par value common stock. All shares were outstanding the entire year. During 2022. Pharoah earned total revenues of $1.990.000 and incurred total expenses (except income taxes) of $1,160,000. Pharoah's income tax rate is 20%.