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For the year ended December 31, 2022, Harvest Productions Inc. earned $4,000,000. Outstanding preferred shares included $400,000 in 3% cumulative preferred shares issued on January 1, 2021 and $500,000 in 2% non-cumulative preferred shares issued on January 1, 2022. Dividends on the cumulative preferred shares were not declared in 2021. On December 15, 2022, 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, 2022.
Marginal Cost
Marginal cost is the cost of producing one additional unit of a good or service, crucial for decision-making processes in economics and business.
Average Total Cost
The total cost divided by the number of goods produced, representing the per-unit cost of production.
Profit-Maximizing Monopoly
A market condition where a single seller dominates, aiming to achieve the highest possible profit by controlling prices and output.
Total Profit
The total income of a business after all expenses and costs have been deducted from its total revenue.
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