d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May.

Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $ 8,680,000 $ 8,680,000 Paid-in capital: Preferred stock, $140 par value, 58, cumulative, 100,000 shares authorized, 62,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 360,000 and 340,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 20,000 shares and 19,000 shares, respectively Total stockholders' equity 2 14,610,000 12,010,000 2,720,000 14,020,000 11,734,000 (1,840,000) $ ? (1,824,000 $35, 330,000 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May. Net income $ 276,000