Sheffield Corp. had 202000 shares of common stock, 20200 shares of convertible preferred stock, and $599000 of 12% convertible bonds outstanding during 2021. The preferred stock is convertible into 39900 shares of common stock. During 2021, Sheffield paid dividends of $0.54 per share on the common stock and $1.80 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $370000 and the income tax rate was 25%.