Sunland's net income for 2023 was $8,693,600, and the company was subject to an income tax rate of 20%. Both classes of bonds were outstanding the entire year, as were the preferred shares. The weighted-average number of common shares outstanding during the period was 3,519,000. (a) Your answer is correct. Calculate the income effect of the dividends on the preferred shares. Dividends on preferred shares $ Dividends on preferred shares $ eTextbook and Media b) Calculate basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.) Basic EPS \$ eTextbook and Media