For the year ended December 31,2018,Jovial Productions Inc.earned $13,000,000.Outstanding preferred shares included $1,500,000 in 9% cumulative preferred shares issued on January 1,2015 and 32,000 $160 non-cumulative preferred shares issued on January 1,2017 that are each entitled to dividends of $7 per annum.Dividends were neither declared nor paid on either class of the preferred shares in 2016 or 2017.On December 15,2018,the company declared and paid the $270,000 dividends in arrears on the 9% cumulative preferred shares.The company also declared and paid $224,000 dividends on the non-cumulative preferred shares.
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,Jovial Productions Inc.earned $13,000,000.Outstanding preferred shares included $1,500,000 in 9% cumulative preferred shares issued on January 1,2015 and 32,000 $160 non-cumulative preferred shares issued on January 1,2017 that are each entitled to dividends of $7 per annum.Dividends were neither declared nor paid on either class of the preferred shares in 2016 or 2017.On December 15,2018,the company declared and paid the $270,000 dividends in arrears on the 9% cumulative preferred shares.The company also declared and paid $224,000 dividends on the non-cumulative preferred shares.
Required:
Determine the net income available to ordinary shareholders for the year ended December 31,2018.

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