Sheridan Inc. had net income for the current year ending December 31, 2020 of $912,320. During the entire year, there were 507,000 common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $2.00 cumulative shares of which 10,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 110,000 $6.00 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Sheridan had outstanding a $1,000,000, 6% bond issued in 2009 that was convertible to 21,000 common shares. The company also had outstanding a $1,000,000, 4% bond issued in 2010 that was convertible to 25,000 common shares. No dividends were declared or paid this year. Sheridan's tax rate is 39%.

Calculate the income effect of the dividends on Class A preferred shares.