Ringgold Corporation has outstanding atDecember 31, 2014, 48,260 shares of $20 par value, cumulative, 8% preferred stock and 196,800 shares...

Ringgold Corporation has outstanding atDecember 31, 2014, 48,260 shares of $20 par value, cumulative, 8% preferred stock and 196,800 shares of $7 par value common stock. All shares were outstanding the entire year. During 2014, Ringgold earned total revenues of $1,966,700 and incurred total expenses (except income taxes) of $1,157,400. Ringgold’s income tax rate is 31%. Calculate Ringgold’s 2014 net income.