XYZ Company, a 'for-profit' business, had revenues of $16 million in 2022. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $2 million. XYZ Company, must pay taxes at a rate of 40 percent of pretax (operating) income. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. What was XYZ's net income for the year? Hint: Look at the PowerPoint, Homework Hint, especially as it relates to the Depreciation Tax Shield' examples. Choice: $900,000 Choice: $1,000,000 Choice: $1,100,000 Choice: $1,200,000