For the Year Ended December 31, 2021, Jovial Productions Inc

question 85

Essay

For the year ended December 31, 2021, Jovial Productions Inc. earned $13,000,000. Outstanding preferred shares included $1,500,000 in 9% cumulative preferred shares issued on January 1, 2018 and 32,000 $160 non-cumulative preferred shares issued on January 1, 2020 that are each entitled to dividends of $7 per annum. Dividends were neither declared nor paid on either class of the preferred shares in 2019 or 2020. On December 15, 2021, 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, 2021.

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Definitions:

Sodium Ions

Positively charged particles of sodium, crucial for various bodily functions, including nerve impulse transmission and muscle contraction.

Sodium Ions

Charged particles of sodium, essential for various physiological processes in the body, including nerve impulse transmission and muscle contraction.

Neurotransmitter

Chemical substances in the brain and nervous system that transmit signals from one neuron to another, influencing various functions like mood, sleep, and heart rate.

Dopamine

A neurotransmitter in the brain that plays a key role in regulating mood, reward, and movement, often associated with the brain's pleasure and reward system.