Oriole Corporation issued $4 million of 10 -year, 7% callable convertible subordinated debentures on January 2,2023 . The debentur have a face value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in two years it will increase to 16:1. At the date of issue, the bonds were sold at 100 to yield a 7% effective interest rate. The bond discount is amortized using the effective interest method. Oriole's effective tax rate was 35%. Net income in 2023 was $7.2 million, and the company had 2 million shares outstanding during the entire year. For simplicity, ignore the requirement to record the debentures' debt and equity components separately