Sunland Corporation has outstanding at December 31, 2020,45,000shares of $22par value, cumulative,6% preferred stock and201,500shares of $8par value common stock. All shares were outstanding the entire year. During 2020, Sunland earned total revenues of $1,970,000and incurred total expenses (except income taxes) of $1,130,000. Sunland's income tax rate is31%.

(a1)

Calculate Sunland's 2020 net income.