Crane Corporation is preparing earnings per share data for 2023 . The net income for the year ended December 31,2023 , was $399,000 and there were 59,000 common shares outstanding during the entire year. Crane has the following two convertible securities outstanding: 11% convertible bonds (each $1,000 bond is convertible into 20 common shares) $100,000 3% convertible $100 par value preferred shares (each share is convertible into 2 common shares) $51,000 Both convertible securities were issued at face value in 2024. Crane's income tax rate is 24%. The preferred shares are cumulative. I simplicity, ignore the requirement to record the debt and equity components of the bonds separately. Assume that 40% of the convertible bonds were converted to common shares on April 1, 2023. The balances at December 31, 2023 do not reflect the conversion of April 1, 2023. Calculate the after-tax interest paid on the 11% bonds. After-tax interest on bonds converted $