The following are selected details of Complex Capital Structures as at January 1, 2018: 380,000 ordinary shares were issued; 190,000 were outstanding Bonds A - $2,000,000, 4%, semi-annual bonds maturing December 31, 2026. At the option of the holder, each $1,000 bond can be converted into five ordinary shares at any time prior to maturity. Bonds B - $1,000,000, 6%, semi-annual bonds maturing December 31, 2024. At the option of the holder, each $1,000 bond can be converted into eight ordinary shares at any time prior to maturity. 31,000 non-cumulative preferred shares A that are each entitled to dividends of $ 2 per annum. At the option of the holder, each preferred share can be converted into one ordinary share 52,000, $100, non cumulative shares B with a stated dividend rate of 5% per annum. At the option of the holder, each preferred share can be converted into two ordinary shares. Employee stock option grants the holder the right to purchase 10,000 ordinary shares at any time before December 31, 2022, for $11 per share. Warrant grants the holder the right to purchase 1,000 ordinary shares for $7 per share. The warrant that can be exercised at any time, expires on December 31, 2024. During the year Complex Capital Structures Inc. issued and redeemed ordinary shares as follows: March 1, 2018, declared and issued a three for one stock split July 1, 2018, repurchased 15,000 ordinary shares and held them as treasury shares September 1, 2018, sold 9,000 ordinary shares from treasury October 1, 2018, sold 41,000 shares from treasury Complex was subject to a 30% tax rate. Its net income for the year ended December 31, 2018, totaled $2,800,000. In 2018 the average market price for Complexs ordinary shares was $10. Complex declared and paid the dividends on both class of preferred shares in 2018. All exercise prices and number of shares and bond conversion factors have been adjusted for the stock split. Assume the effective rate of interest on the bonds equals the coupon rate.