Ringold Corporation has outstanding at December 31, 2019, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2019, Rnggold earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,300,000. Ringgold's income tax rate is 30%.

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