Ringgold Corporation has outstanding at December 31, 2014, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,300,000. Ringgold