Bonita had net income for the current year ending December 31, 2023 of $1,244,080. During the entire year, there were 508,000 common shares outstandingThe company had two classes of preferred shares outstanding the Class A preferred shares were $2.92 cumulative shares of which 12,000 were outstanding, and were convertible to common shares at a rate of 11. There were 106,000 $6.92 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1Bonita had outstanding a $1,000,000,8% bond issued at par in 2012 that was convertible to 21.000 common sharesThe company also had outstanding a $1,000,000, 6% bond issued at par in 2013 that was convertible to 26,000 common sharesNo dividends were declared or paid this year. Bonita's tax rate is 38%.

b) calculate the income effect of the dividends for the class B preferred shares