For the year ended December 31,2016,Harvest Productions Inc.earned $4,000,000.Outstanding preferred shares included $400,000 in 3% cumulative preferred shares issued on January 1,2015 and $500,000 in 2% non-cumulative preferred shares issued on January 1,2016.Dividends on the cumulative preferred shares were not declared in 2015.On December 15,2016,Harvest declared and paid $24,000 in dividends on the 3% cumulative shares including the arrears.Harvest also declared and paid the $10,000 dividends on the non-cumulative shares.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31,2016.

Question

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The Answer of For the year ended December 31,2016,Harvest Productions Inc.earned $4,000,000.Outstanding preferred shares included $400,000 in 3% cumulative preferred shares issued on January 1,2015 and $500,000 in 2% non-cumulative preferred shares issued on January 1,2016.Dividends on the cumulative preferred shares were not declared in 2015.On December 15,2016,Harvest declared and paid $24,000 in dividends on the 3% cumulative shares including the arrears.Harvest also declared and paid the $10,000 dividends on the non-cumulative shares.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31,2016.

For the Year Ended December 31,2016,Harvest Productions Inc