Jack-N-Jill reported 24,000 common shares and 25,000, $6 non-convertible preferred shares, outstanding at the beginning of 2019. On October 1, 2019, a 3-for-1 stock split for common shares was declared. There were no other equity transactions during the year. In 2018, the company did not declare any common dividend but declared preferred dividends but did not pay these till 2019. It did not declare any dividends for 2019. The company reported a basic EPS for 2019 of $8.25. Determine the income from operations reported for 2019 assuming the preferred share were non-cumulative.

Assume all of the information given in [40] above to be the same except now assume the preferred shares were cumulative. Determine the income from operations reported for 2019.