At December 31, 2023, Novak Corporation had the following shares outstanding: 6% cumulative preferred shares, 100,600 shares outstanding Common shares, 4,060,000 shares outstanding $10,060,000 20,300,000 During 2023, the corporation's only share transaction was the issuance of 380,000 common shares on April 1. During 2023, the following also occurred: Income from continuing operations before tax $25,070,000 Discontinued operations (loss before tax) 3,058,000 Preferred dividends declared 603,600 Common dividends declared 2,220,000 Effective tax rate 35%