For the Year Ended December 31, 2022, Harvest Productions Inc

question 31

Essay

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.

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Definitions:

Tissue with Chondrocytes

Cartilaginous tissue, which contains cells known as chondrocytes that are responsible for the production and maintenance of cartilage.

Chondrocytes

Cells that are found within cartilage and are responsible for maintaining the cartilaginous matrix.

Connective Tissues

Tissues in the body that support, bind together, or separate other tissues and organs, characterized by few cells and substantial extracellular matrix.

Bone and Cartilage

Connective tissues in the body, where bone is hard and dense, providing structure and support, while cartilage is more flexible and cushions joints.