SolarTech, a growing biotech company, recently invested in two assets: a flatbed truck that is being leased for 5 years with annual payments of $35,000 and a state-of-the-art generator that was financed with a bank loan. Principal payments on the loan are $45,000 per year for ten years. In addition, interest on the loan is $22,000 per year. This is the company's only interest expense. For the most recent fiscal year end, SolarTech recorded a profit margin of 7.8% on revenue of $4.9 million of which 55% was paid out as dividends - 25% to preferred shareholders and 30% to common shareholders. SolarTech has a tax rate of 40%.

What is SolarTech's earnings before interest and taxes (EBIT) for the most recent fiscal year?

Select one:

a. $637,000

b. $659,000

c. $615,000

d. $557,080