Concord Corporation had net income for the current year ending December $31,2023$ of $$1,170,600.$ Throughout $2023$ the following items were outstanding:$413,000$ common shares$18,500$ Class A $$3$ cumulative preferred shares that were convertible to common shares at a rate of $1$:$1.49,500$ Class B $$4$ non$-$cumulative preferred shares that were convertible at a rate of $1$ common share for every $2$ preferred shares.$$551,000,8\%$ bonds that were convertible to $14,500$ common shares. $$352,000,10\%$ bonds convertible to $11,000$ common shares.No dividends were declared or paid in $2023.$ Concord's tax rate is $25\%.($a$)$Your AnswerCorrect Answer $($Used$)$Your answer is correct.Calculate the income effect of the dividends for the Class A preferred shares.Dividends on Class A preferred shares $$55500$

$($b$)$

Calculate the income effect of the dividends for the Class B preferred shares. $($Do not leave any answer field blank. Enter $0$ for amounts.$)$

Dividends on Class B preferred shares $