Sunland Corporation had net income of $48,600 for the year ended December 31, 2023, and weighted average number of common shares outstanding of 12,000. The following information is provided regarding the capital structure: 1. 2. 8% convertible debt, 260 bonds each convertible into 42 common shares. The bonds were outstanding for the entire year. The income tax rate is 40%. The bonds were issued at par ($1,150 per bond). No bonds were converted during the year. 3% convertible, cumulative $100 preferred shares, 1,000 shares issued and outstanding. Each preferred share is convertible into 3 common shares. The preferred shares were issued at par and were outstanding the entire year. No shares were converted during the year