Chelsea Corporation's financial statements for the current year include the following:
Income from continuing operations $ 520,000
Prior period adjustment (increase in prior year net
Income, net of taxes 90,000
Cash dividents paid to preferred stockholders 102,000
Gain from discontinued operations (net of taxes) 310,000
Cumulative effect of accounting change (reduction
In net income, net of tax benefit) 220,000
Extraordinary loss (net of tax benefit) 85,000
On the basis of this information, net income for the current year is: