Additional Problem 6 (Part Level Submission) Shamrock Horizon Corp had the following items, all of which were outstanding throughout the entire fiscal year ending September 30, 2021: 880,000 common shares 280,000 $3 cumulative, no-par value preferred shares Options to purchase 90,000 common shares at $13 per share. The average market price of Shamrock's common shares during the year was $20 per share. None of the options were exercised or expired during fiscal 2021 9% bond with a face value of $1,800,000, convertible to 52,000 common shares. Shamrock's net income for fiscal 2021 was $7,484,000, and its tax rate was 15%. Preferred dividends had been paid in all previous fiscal years. (al) X Your answer is incorrect. Try again. Calculate the income effect of the dividends on preferred shares. 7.55 Dividends on preferred shares