Sunland Corporation has outstanding at December 31, 2020, 45,000 shares of $22 par value, cumulative, 6% preferred stock, and 201,500 shares of $8 par value common stock. All shares were outstanding the entire year. During 2020, Sunland earned total revenues of $1,970,000 and incurred total expenses (except income taxes) of $1,130,000. Sunland's income tax rate is 31%. Calculate Sunland's 2020 net income.

Sunland Corporation has outstanding at December 31, 2020, 45,000 shares of $22 par value, cumulative, 6% preferred stock, and 201,500 shares of $8 par value common stock. All shares were outstanding the entire year. During 2020, Sunland earned total revenues of $1,970,000 and incurred total expenses (except income taxes) of $1,130,000. Sunland's income tax rate is 31%. Calculate Sunland's 2020 net income.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...

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