Sugarland Industries reported a net income of $850,750 on December 31, 2021. At the beginning of the year, the company had 600,000 common shares outstanding. On April 1, the company sold 33,000 shares for cash. On August 31, the company issued 60,000 additional shares as part of a merger. Required: Compute Sugarland's net income that would produce a basic EPS of $2.50 per share for 2021.