Following is information taken from Flounder Inc's December 31, 2021 balance sheet: 5% bonds payable, $5,984,000 maturing December 31, 2022, each $1,000 bond convertible into 22 common shares $5,984,000 8% bonds payable, $4,836,000, maturing December 31, 2023, each $1,000 bond convertible into 30 common shares at any time up to December 31, 2023 $4,836,000 Cumulative preferred shares, $5, no-par value, convertible at 1 preferred share for 4 common shares, 50,700 shares outstanding $1,014,000 Common shares, no par-value, 2,911,000 shares outstanding Flounder's net income for 2021 was $8,673,800, 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 3,661,000. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).