Splish Corporation had net income for the current year ending December 31, 2023 of $1,141,500. Throughout 2023 the following items were outstanding: - 380,000 common shares - 19,500 Class A $3 cumulative preferred shares that were convertible to common shares at a rate of 1:1 - 48,000 Class B \$4 non-cumulative preferred shares that were convertible at a rate of 1 common share for every 2 preferred shares. - $486,000,8% bonds that were convertible to 13,500 common shares - $318,000,10% bonds convertible to 10,000 common shares No dividends were declared or paid in 2023. Splish's tax rate is 25%. (a) Calculate the income effect of the dividends for the Class A preferred shares. Dividends on Class A preferred shares $