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.On December 15,2018,Harvest declared $10,000 in dividends on the non-cumulative preferred shares,payable on January 15,2019.Dividends on the cumulative preferred shares are neither declared nor paid.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31,2018.

Question

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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.On December 15,2018,Harvest declared $10,000 in dividends on the non-cumulative preferred shares,payable on January 15,2019.Dividends on the cumulative preferred shares are neither declared nor paid.
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