Blossom Horizon Corp had the following items, all of which were outstanding throughout the entire fiscal year ending September 30, 2024: 800,000 common shares 300,000 $3 cumulative, no-par value preferred shares Options to purchase 100,000 common shares at $12 per share. The average market price of Blossom's common shares during the year was $20 per share. None of the options were exercised or expired during fiscal 2024. 9% bond with a face value of $2,100,000, convertible to 53,000 common shares. Blossom's net income for fiscal 2024 was $6,700,000, and its tax rate was 15%. Preferred dividends had been paid in all previous fiscal years. (a) Calculate the income effect of the dividends on the preferred shares. Dividends on preferred shares $ SUPPORT