Required information [The following information applies to the questions displayed below) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $ 9,880,000 $9,880,000 Paid-in capital: Preferred stock, $130 par value, 8x, cumulative, 100,000 shares authorized, 76,000 shares issued and outstanding Common stock, $4 par value, 600,000 shares authorized, 430,000 and 410,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 18,000 shares and 17,000 shares, respectively Total stockholders' equity > 14,680,000 12,080,000 1,640,000 14,160,000 11,884,000 (1,656,000) $ ? (1,632,000) $35,852,000 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May. Net income