Ivanhoe Corporation had net income of $48,000 for the year ended December 31,2023 , and weighted average number of common shares outstanding of 10,000 . The following information is provided regarding the capital structure: 1. 8% convertible debt, 260 bonds each convertible into 46 common shares. The bonds were outstanding for the entire year. The income tax rate is 40%. The bonds were issued at par ( $1,050 per bond). No bonds were converted during the year. 2. 3% convertible, cumulative $100 preferred shares, 1,000 shares issued and outstanding. Each preferred share is convertible into 2 common shares. The preferred shares were issued at par and were outstanding the entire year. No shares were converted during the year. (a1) Calculate the income effect of the dividends on preferred shares. Dividends on preferred shares