1. The shareholders' equity section of Marigold Corporation as at December 31, 2020, follows:

10% cumulative preferred shares, 100,000 shares authorized, 79,000 shares outstanding		$4,600,000
Common shares, 10 million shares authorized and issued		10,000,000
Contributed surplus		10,800,000
		25,400,000
Retained earnings		175,000,000
		$200,400,000

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 $17 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 Marigold Corporation for the year ended December 31, 2020. (Round answers to 2 decimal places, e.g. 52.75.)

2. Information for 2020 follows for Ayayai Corp.:

Retained earnings, January 1, 2020		$ 1,920,000
Sales revenue		35,000,000
Cost of goods sold		27,330,000
Interest income		150,000
Selling and administrative expenses		4,550,000
Unrealized gain on FV-OCI equity investments (gains/losses not recycled)		260,000
Loss on impairment of goodwill		490,000
Income tax on continuing operations for 2020 (assume this is correct)		600,000
Assessment for additional income tax for 2018 (normal, recurring, and not caused by an error)		400,000
Gain on disposal of FV-NI investments		90,000
Loss from flood damage		360,000
Loss on disposal of discontinued division (net of tax of $ 62,500)		250,000
Loss from operation of discontinued division (net of tax of $ 37,500)		150,000
Dividends declared on common shares		200,000
Dividends declared on preferred shares		50,000

Ayayai decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2020, there were 500,000 common shares outstanding all year. Ayayai's tax rate is 20% on operating income and all gains and losses (use this rate where the tax provisions are not given). Ayayai prepares financial statements in accordance with IFRS. Prepare a multiple-step statement of financial performance for the year ended December 31, 2020, showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.)

3. The following is information for Culver Corp. for the year ended December 31, 2020:

Sales revenue		$1,300,000		Loss on inventory due to decline in net realizable value		$81,000
Unrealized gain on FV-OCI equity investments		42,000		Loss on disposal of equipment		40,000
Interest income		8,000		Depreciation expense related to buildings omitted by mistake in 2019		51,000
Cost of goods sold		780,000		Retained earnings at December 31, 2019		990,000
Selling expenses		65,000		Loss from expropriation of land		56,000
Administrative expenses		48,000		Dividends declared		41,000
Dividend revenue		25,000

The effective tax rate is 25% on all items. Culver prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.

a. Prepare a multiple-step statement of financial performance for 2020, showing expenses by function. Ignore calculation of EPS. b. Prepare the retained earnings section of the statement of changes in equity for 2020. (List items that increase retained earnings first following the adjustment of prior years.) c. Prepare the journal entry to record the depreciation expense omitted by mistake in 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)