Reference no: EM132681241
Question - Carla Corporation had a net income for the current year ending December 31, 2021 of $1,204,500. Throughout 2021 the following items were outstanding:
413,000 common shares
18,500 Class A $3 cumulative preferred shares that were convertible to common shares at a rate of 1:1
49,500 Class B $4 non-cumulative preferred shares that were convertible at a rate of one common share for every two preferred shares.
551,000, 8% bonds that were convertible to 14,500 common shares
303,000, 10% bonds convertible to 9,000 common shares
No dividends were declared or paid in 2021. Carla's tax rate is 25%.
Required - Calculate the income effect of the dividends on Class B preferred shares.
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