Concord Inc. had net income for the current year ending December 31, 2020 of $908,220. During the entire year, there were 509,000 common shares outstanding. The company had two classes of preferred shares outstanding the Class A preferred shares were $1.88 cumulative shares of which 12,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 103,000 $4,88 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Concord had outstanding a $1,000,000,6% bond issued in 2009 that was convertible to 22,000 common shares. The company also had outstanding a $1,000,000 5% bond issued in 2010 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Concord's tax rate is 37% Calculate the income effect of the dividends on Class A preferred shares. Dividends on Class A preferred shares $ Calculate the income effect of the dividends on Class B preferred shares. Dividends on Class B preferred shares $