In 2024, Whispering Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Whispering had revenues of $19,000 and expenses other than interest and taxes of $9,500 for 2025. (Assume that the tax rate is 20%.) Throughout 2025, 2,200 shares of common stock were outstanding; none of the bonds was converted or redeemed