The Dana Flatt Corporation had sales of $2 million this past year.Its cost of goods sold was $1.2 million, and its operating expenses were $400,000.Interest expenses on outstanding debts were $100,000, and the company paid $40,000 in preferred stock dividends.The corporation received $10,000 in preferred stock dividends and interest income of $12,000.The firm sold stock that had been owned for 2 years for $40,000; the original cost of the stock was $30,000.

How to determine the corporation's taxable income?