Following is information taken from Bonita Inc.'s December 31, 2023 SFP: 5% bonds payable, $5,548,000 maturing December 31, 2025, each $1,000 bond convertible into 18 common shares 8% bonds payable, $4,760,000, maturing December 31, 2026, each $1,000 bond convertible into 30 common shares at any time up to December 31, 2026 Cumulative preferred shares, $5, no-par value, convertible at 1 preferred share for 4 common shares, 45,800 shares outstanding Common shares, no par-value, 3,203,000 shares outstanding $5,548,000 $4,760,000 $916,000 Bonita's net income for 2023 was $8,653,000, and the company was subject to an income tax rate of 20%. Both classes of bonds were outstanding the entire year, as were the preferred shares. The weighted-average number of common shares outstanding during the period was 3,744,000. Your answer is correct. Calculate the income effect of the dividends on the preferred shares. (b) Dividends on preferred shares eTextbook and Media * Your answer is incorrect. $ 229000 Calculate basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.) Basic EPS $ 1.02 Attempts: 1 of 15 used