Ringgold Corporation has outstanding at December 31, 2014,48,020shares of $18par value, cumulative,9% preferred stock and201,100shares of $6par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $2,010,100and incurred total expenses (except income taxes) of $1,195,100. Ringgolds income tax rate is31%.

Calculate Ringgolds 2014 net income.

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