Current Attempt in Progress

Crane Inc. had net income for the current year ending December $31,2023$ of $$929,600.$ During the entire year, there were $500,000$ common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $$1\mathrm{.}96$ cumulative shares of which $10,000$ were outstanding, and were convertible to common shares at a rate of $1$:$1.$ There were $100,000$ $$4\mathrm{.}96$ Class B non$-$cumulative preferred shares outstanding that were also convertible at a rate of $1$:$1.$ Crane had outstanding a $$1,000,000,6\%$ bond issued at par in $2012$ that was convertible to $21,000$ common shares. The company also had outstanding a $$1,000,000,5\%$ bond issued at par in $2013$ that was convertible to $25,000$ common shares. No dividends were declared or paid this year. Crane's tax rate is $37\%.$

$($a$)$

Calculate the income effect of the dividends for the Class A preferred shares.

Dividends on Class A preferred shares $