Q$2.(21$ Marks$)$ Information for $2020$ follows for Johnson Corp.:

Retained earnings, January $1,2020$: $$1,980,000$

Sales revenue: $36,500,000$

Cost of goods sold: $28,500,000$

Interest income: $170,000$

Selling and administrative expenses: $4,700,000$

Unrealized gain on FV$-$OCI equity investments $($gains$/$losses not recycled$)$: $320,000$

Loss on impairment of goodwill: $520,000$

Income tax on continuing operations for $2020($assume this is correct$)$: $797,500$

Assessment for additional income tax for $2018($normal$,$ recurring, and not caused by an error$)$: $500,000$

Gain on disposal of FV$-$NI investments: $110,000$

Loss from flood damage: $390,000$

Loss on disposal of discontinued division $($net of tax of $$87,500)$: $262,500$

Loss from operation of discontinued division $($net of tax of $$55,000)$: $165,000$

Dividends declared on common shares: $250,000$

Dividends declared on preferred shares: $70,000$

Additional Information: a$.$ Johnson decided to discontinue its entire wholesale division $($a major line of business$)$ and to keep its manufacturing division.

b$.$ On September $15,$ it sold the wholesale division to Dylane Corp.

c$.$ During $2020,$ there were $800,000$ common shares outstanding all year.

d$.$ Johnson$$s tax rate is $25\%$ on operating income and all gains and losses $($use this rate where the tax provisions are not given$).$

e$.$ Johnson prepares financial statements in accordance with IFRS.

Required:

a$.$ Calculate income from operations for Johnson Corp. $(5$ marks$)$

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b$.$ Calculate income from continuing operations for Johnson Corp. $(5$ marks$)$

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c$.$ Calculate income from discontinued operations for Johnson Corp. $(5$ marks$)$

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d$.$ What is the net income for Johnson Corp.? $(1$ mark$)$

e$.$ What is Other Comprehensive Income for Johnson Corp.? $(1$ mark$)$

f$.$ What is Comprehensive Income for Johnson Corp.? $(1$ mark$)$

g$.$ Calculate the following $($you must show your work$)$: $(3$ marks$)$

a$.$ EPS from Income from Continuing Operations

b$.$ EPS from Discontinued Operations

c$.$ Net Income