During the Past Year, Albert Corporation Had

Essay

During the past year, Albert Corporation had
sales of $5 million,
cost of goods sold of $2.7 million,
operating expense of $1.3 million, and
interest expense of $0.5 million.  
During the year Albert
paid a preferred stock dividend of $100,000
paid a common stock dividend of $150,000 and
paid off debt of $2.3 million.  
What was Albert's taxable income?