Following is information taken from Wildhorse Inc.'s December 31, 2023 SFP: 5% bonds payable, $6,391,000 maturing...

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Following is information taken from Wildhorse Inc.'s December 31, 2023 SFP: 5% bonds payable, $6,391,000 maturing December 31, 2025, each $1,000 bond convertible into 20 common shares 8% bonds payable, $5,333,000, maturing December 31, 2026, each $1,000 bond convertible into 28 common shares at any time up to December 31, 2026 Cumulative preferred shares, $5, no-par value, convertible at 1 preferred share for 4 common shares, 45,000 shares outstanding Common shares, no par-value, 3,187,000 shares outstanding $6,391,000 $5,333,000 $900,000 Wildhorse's net income for 2023 was $8,586,000, and the company was subject to an income tax rate of 20%. Both classes of bonds were outstanding the entire year, as were the preferred shares. The weighted-average number of common shares outstanding during the period was 3,716,000. (a) Calculate the income effect of the dividends on the preferred shares. Dividends on preferred shares $ Following is information taken from Wildhorse Inc.'s December 31, 2023 SFP: 5% bonds payable, $6,391,000 maturing December 31, 2025, each $1,000 bond convertible into 20 common shares 8% bonds payable, $5,333,000, maturing December 31, 2026, each $1,000 bond convertible into 28 common shares at any time up to December 31, 2026 Cumulative preferred shares, $5, no-par value, convertible at 1 preferred share for 4 common shares, 45,000 shares outstanding Common shares, no par-value, 3,187,000 shares outstanding $6,391,000 $5,333,000 $900,000 Wildhorse's net income for 2023 was $8,586,000, and the company was subject to an income tax rate of 20%. Both classes of bonds were outstanding the entire year, as were the preferred shares. The weighted-average number of common shares outstanding during the period was 3,716,000. (a) Calculate the income effect of the dividends on the preferred shares. Dividends on preferred shares $