55)Grounds for Divorce Coffee Corporation had sales of $3 million this past year. Its cost of goods sold was $1.1 million and its operating expenses were $400,000. Interest expenses on outstanding...

55)Grounds for Divorce Coffee Corporation had sales of $3 million this past year. Its cost of
goods sold was $1.1 million and its operating expenses were $400,000. Interest expenses
on outstanding debts were $160,000, and the company paid $40,000 in preferred stock
dividends. The company received interest income of $14,000. Determine Grounds’
taxable income.