Additional Problem 3 (Part Level Submission) Fol lowing is information taken from Skysong Inc.'s December 31, 2018 balance sheet S% bonds payable, $5,800,000 maturing December 31, 2022, each $1,000 bond convertible into 22 common shares 8% bonds payable, $4,700,000, maturing December 31, 2020 each $1,000 bond convertible into 28 common shares at any time up to December 31, 2018 Cumulative preferred shares, $4, no-par value, convertible at 1 preferred share for 4 common shares, 47,000 shares outstanding Common shares, no par-value, 2,900,000 shares outstanding $5,800,000 $4,700,000 $940,000 Skysong's net income for 2018 was $8,640,000, 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 3,930,000. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately)