Question - Ringgold Corporation has outstanding at December 31, 2014, 48,020 shares of $18 par value, cumulative, 9% preferred stock and 201,100 shares of $6 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $2,010,100 and incurred total expenses (except income taxes) of $1,195,100. Ringgold's income tax rate is 31%.
Calculate Ringgold's 2014 net income.