Reference no: EM132705962

At December 31, 2020, Blue Spruce Corporation had the following shares outstanding:

7% cumulative preferred shares, 114,100 shares outstanding  $11,410,000

Common shares, 3,910,000 shares outstanding                    19,550,000

During 2020, the corporation's only share transaction was the issuance of 470,000 common shares on April 1. During 2020, the following also occurred:

Income from continuing operations before tax           $24,340,000

Discontinued operations (loss before tax)                    3,302,000

Preferred dividends declared                                        798,700

Common dividends declared                                       2,170,000

Effective tax rate                                                           30%

Problem 1: Calculate earnings per share information as it should appear in the financial statements of Blue Spruce Corporation for the year ended December 31, 2020.