The following information is for Carla Vista Limited for 2023: Net income for the year 8% convertible bonds issued at par ($1,000 per bond), with each bond convertible into 25 common shares 6% convertible, cumulative preferred shares, $100 par value, with each share convertible into 3 common shares Common shares (600,000 shares outstanding) Stock options (granted in a prior year) to purchase 75,000 common shares at $15 per share Tax rate for 2023 Average market price of common shares $2,344,200 2,150,000 4,070,000 6.000.000 950,000 30% $20 per share There were no changes during 2023 in the number of common shares, preferred shares, or convertible bonds outstanding. For simplicity, ignore the requirement to book the convertible bonds' equity portion separately. (a1) Calculate the income effect of the dividends on preferred shares. Dividends on preferred shares $