UnidentifiedNovak Inc. had net income for the current year ending December $31,2023$ of $$953,780.$ During the entire year, there were $502,000$ common shares outstanding. The company had two classes of preferred shares outstanding: the Class A preferred shares were $$2\mathrm{.}09$ cumulative shares of which $12,000$ were outstanding, and were convertible to common shares at a rate of $1$:$1.$ There were $103,000$ $$6\mathrm{.}09$ Class B non$-$cumulative preferred shares outstanding that were also convertible at a rate of $1$:$1.$ Novak had outstanding a $$1,000,000,6\%$ bond issued at par in $2012$ that was convertible to $21,000$ common shares. The company also had outstanding a $$1,000,000,4\%$ bond issued at par in $2013$ that was convertible to $26,000$ common shares. No dividends were declared or paid this year. Novak's tax rate is $37\%.$Calculate the income effect of the dividends for the Class A preferred shares.Dividends on Class A preferred shares