For the year ended December 31,2018,Harvest Productions Inc.earned $4,000,000.Outstanding preferred shares included $400,000 in 3% cumulative preferred shares issued on January 1,2017 and $500,000 in 2% non-cumulative preferred shares issued on January 1,2018.Dividends on the cumulative preferred shares were not declared in 2017.
Harvest did not declare any dividends during 2018.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31,2018.

Question

Quizplus · Accepted Answer

The Answer of For the year ended December 31,2018,Harvest Productions Inc.earned $4,000,000.Outstanding preferred shares included $400,000 in 3% cumulative preferred shares issued on January 1,2017 and $500,000 in 2% non-cumulative preferred shares issued on January 1,2018.Dividends on the cumulative preferred shares were not declared in 2017.
Harvest did not declare any dividends during 2018.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31,2018.

For the Year Ended December 31,2018,Harvest Productions Inc