For each of the years ended December 31, 2021 and 2022, Accountants Without Borders Corp. earned $7,000,000. Outstanding preferred shares included 10,000, $100 cumulative preferred shares “A” that are each entitled to dividends of $1 per quarter and 15,000, $100 non-cumulative preferred shares “B” that are each entitled to dividends of $1.25 per quarter. The “A” and “B” preferred shares were issued on July 1, 2021, and January 1, 2020, respectively. Dividends were neither declared nor paid in either 2020 or 2021. 

On December 15, 2022, Accountants declared $50,000 dividends on the cumulative preferred shares and $15,000 in dividends on the non-cumulative preferred shares, both payable on January 15, 2023.

Required:

Determine the net income available to ordinary shareholders for the years ended December 31, 2021 and 2022.