View Policies Current Attempt in Progress The shareholders' equity section of Blue Spruce Corporation as at December 31, 2020, follows: 6% cumulative preferred shares, 100,000 shares authorized, 77,000 shares outstanding $4,500,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,700,000 25,200,000 Retained earnings 182,000,000 $207,200,000 Net income of $20 million for 2020 reflects a total effective tax rate of 21%. Included in the net income figure is a loss of $13 million (before tax) relating to the operations of a business segment that is to be discontinued. Calculate earnings per share information as it should appear in the financial statements of Blue Spruce Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.) Earnings per share Continuing Operations $ Discontinued Operations Net Income /(Loss) $ e Textbook and Media Current Attempt in Progress In its first year of operations, 2020, Sarasota Corp. invoiced $183,000 in service revenue. Of that amount, $17,000 was still owing from customers at the end of year. In 2020, Sarasota incurred various operating expenses totalling $94,000, of which $89,000 was paid in cash. Salaries and wages paid to employees totalled $67,000 and $3,200 was still owing at the end of the year. In addition, Sarasota prepaid $4,200 for insurance coverage that covered the last half of 2020 and the first half of 2021. Sarasota estimates it will owe $8,100 in income tax when it files its corporate income tax return after its 2020 year end. Calculate the net income for 2020 under the accrual basis of accounting. Net income $ e Textbook and Media Calculate the net income for 2020 under the cash basis of accounting. Net income $ e Textbook and Media Which basis of accounting (accrual or cash) gives the most useful information for decision-makers? The basis of accounting provides more useful information for decision makers. e Textbook and Media