Profit Corporation had accumulated $500,000 of earnings as of the end of last year.For this year, its income statement shows the following week

Revenue from operations $ 1,000,000 Dividend income (owns 10%) 100,000 Total 1,100,000 Less Cost of goods sold $ 700,000 Administration expenses 50,000 Charitable contribution 200,000 (950,000) Net Income $ 150,000