Blossom Inc. had net income for the current year ending December 31, 2023 of $1,230,480. During the entire year, there were 506,000 common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $2.62 cumulative shares of which 10,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 102,000 $5.62 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Blossom had outstanding a $1,000,000, 8% bond issued at par in 2012 that was convertible to 21,000 common shares. The company also had outstanding a $1,000,000, 7% bond issued at par in 2013 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Blossom's tax rate is 38%.

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