Oriole inc. had 506,000 common shares outstanding for the entire fiscal year ended August 31,2023. Oriole also had 110,000$2 cumulative, no-par value preferred shares outstanding for the full year. Options were written at the start of the fiscal year to purchase 32,000 common shares at $17 per share. The average market price of Oriole's common shares during the year ended August 31,2023 was $25 per share. The options expire in 2032 , and none were actually exercised during the current year. Also outstanding for the entire year was a 8% bond with a face value of $6.160,000, convertible to 140,000 common shares. Oriole Inc's net income for the year was $2.699.400, and the income tax rate for the fiscal year was 40%. (a) Calculate the income effect of the dividends on the preferred shares. Dividends on preferred shares