Sugarland Industries reported a net income of $790,750 on December 31, 2021. At the beginning of the year, the company had 540,000 common shares outstanding. On April 1, the company sold 29,400 shares for cash. On August 31, the company issued 52,800 additional shares as part of a merger. Required: Compute Sugarland's net income that would produce a basic EPS of $2.20 per share for 2021. Net income