The ledger of Wildhorse Corporation at November 30, 2021, contains the following summary data:

Cash dividends- common $70,500 Operating expenses $1,121,000

Cash dividends- preferred $25,000 Other comprehensive income- loss on equity investments (before income tax) 91,000

Common shares 325,500 Rent revenue 59,000

Cost of goods sold 7,390,000 Preferred shares($5 noncumulative) 401,000

Depreciation expense 361,000 Retained earnings, December 1, 2020 752,000

Sales 9,031,000

Your analysis reveals the following additional information:

1. The company has a 25% income tax rate.

2. The communication devices division was discontinued on August 31. The profit from operations for the division up to that day was $19,200 before income tax. The division was sold at a loss of $80,500 before income tax.

3. There were 200,000 common and 5,000 preferred shares issued on December 1, 2020 with no change during the year.