For the year ended December 31,2015,Jovial Productions Inc.earned $13,000,000.Outstanding preferred shares included $1,500,000 in 9% cumulative preferred shares issued on January 1,2012 and 32,000 $160 non-cumulative preferred shares issued on January 1,2014 that are each entitled to dividends of $7 per annum.Dividends were neither declared nor paid on either class of the preferred shares in 2013 or 2014.On December 15,2015,the company declared $150,000 dividends on the 4% cumulative preferred shares and $150,000 in dividends on the non-cumulative preferred shares,both payable on January 15,2016.
Requirement:
Determine the net income available to ordinary shareholders for the year ended December 31,2015.

Question

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The Answer of For the year ended December 31,2015,Jovial Productions Inc.earned $13,000,000.Outstanding preferred shares included $1,500,000 in 9% cumulative preferred shares issued on January 1,2012 and 32,000 $160 non-cumulative preferred shares issued on January 1,2014 that are each entitled to dividends of $7 per annum.Dividends were neither declared nor paid on either class of the preferred shares in 2013 or 2014.On December 15,2015,the company declared $150,000 dividends on the 4% cumulative preferred shares and $150,000 in dividends on the non-cumulative preferred shares,both payable on January 15,2016.
Requirement:
Determine the net income available to ordinary shareholders for the year ended December 31,2015.

For the Year Ended December 31,2015,Jovial Productions Inc