Splish Inc. had net income for the current year ending December 31,2023 of $1,158,600. During the entire year, there were 500,000 common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $2.60 cumulative shares of which 11,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 105,000 $5.60 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Splish had outstanding a $1,000,000, 8% bond issued at par in 2012 that was convertible to 22,000 common shares. The company also had outstanding a $1,000,000, 6\% bond issued at par in 2013 that was convertible to 25,000 common shares. No dividends were declared or paid this year. Splish's tax rate is 39%. (a) Calculate the income effect of the dividends for the Class A preferred shares. Dividends on Class A preferred shares $