In $2022,$ Cullumber Ltd$.$ issued $$59,000$ of $10\%$ bonds at par, with each $$1,000$ bond being convertible into $100$ common shares. The

company had revenues of $$74,200$ and expenses of $$42,400$ for $2023,$ not including interest and tax. $($Assume a tax rate of $25\%.)$

Throughout $2023,1,600$ common shares were outstanding, and none of the bonds were converted or redeemed. $($For simplicity,

assume that the convertible bonds' equity element is not recorded.$)$

$($a$)$

Calculate income available to common shareholders.

Income available to common shareholders