BridgeportInc. reported income from continuing operations before tax of $1,969,000during 2020. Additional transactions occurring in 2020 but not included in the $1,969,000were as follows:

1.The corporation experienced an insured flood loss of $88,000during the year.2.At the beginning of 2018, the corporation purchased a machine for $58,800(residual value of $11,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the residual value in calculating the depreciable amount.3.The sale of FV-NI investments resulted in a loss of $117,700.4.When its president died, the corporation gained $110,000from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $50,600. (the gain is non-taxable.)5.The corporation disposed of its recreational division at a loss of $126,500before tax. Assume that this transaction meets the criteria for accounting treatment as discontinued operations.6.The corporation decided to change its method of inventory pricing from average cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by $66,000and decrease 2019 income by $22,000before taxes. The FIFO method has been used for 2020.

(a)

Your answer has been saved. See score details after the due date.

n income statement for the year 2020, starting with income from continuing operations before income tax. Calculate earnings per share as required under IFRS. There were122,000common shares outstanding during the year. (Assume a tax rate of30% on all items, unless they are noted as being non-taxable.)(Round answers to 0 decimal places, e.g. 5275. Round EPS answers to 2 decimal places, e.g. 52.75. )

BridgeportInc.

Income Statement (Partial)

For the Month Ended December 31, 2020

For the Year Ended December 31, 2020

December 31, 2020

Discontinued Operations

Applicable Income Tax Reduction

Income from Continuing Operations

Earnings Per Share

Net Income / (Loss)

Loss on Disposal of Recreational Division

Gain on disposal of recreational division

Income Tax Expense

Income from Continuing Operations before Income Tax

$

Gain on disposal of recreational division

Net Income / (Loss)

Loss on Disposal of Recreational Division

Earnings Per Share

Applicable Income Tax Reduction

Income from Continuing Operations before Income Tax

Income Tax Expense

Discontinued Operations

Income from Continuing Operations

Net Income / (Loss)

Earnings Per Share

Applicable Income Tax Reduction

Income from Continuing Operations

Gain on disposal of recreational division

Income from Continuing Operations before Income Tax

Income Tax Expense

Loss on Disposal of Recreational Division

Discontinued Operations

Discontinued Operations

Gain on disposal of recreational division

Income from Continuing Operations before Income Tax

Income Tax Expense

Applicable Income Tax Reduction

Net Income / (Loss)

Earnings Per Share

Loss on Disposal of Recreational Division

Income from Continuing Operations

Income Tax Expense

Earnings Per Share

Income from Continuing Operations before Income Tax

Discontinued Operations

Net Income / (Loss)

Applicable Income Tax Reduction

Gain on disposal of recreational division

Loss on Disposal of Recreational Division

Income from Continuing Operations

$

Add

Less

:

Earnings Per Share

Discontinued Operations

Net Income / (Loss)

Applicable Income Tax Reduction

Income from Continuing Operations

Income from Continuing Operations before Income Tax

Gain on disposal of recreational division

Income Tax Expense

Loss on Disposal of Recreational Division

Net Income / (Loss)

Earnings Per Share

Income Tax Expense

Income from Continuing Operations before Income Tax

Gain on disposal of recreational division

Applicable Income Tax Reduction

Income from Continuing Operations

Loss on Disposal of Recreational Division

Discontinued Operations

$

Income from Continuing Operations before Income Tax

Discontinued Operations

Loss on Disposal of Recreational Division

Gain on disposal of recreational division

Net Income / (Loss)

Applicable Income Tax Reduction

Income Tax Expense

Income from Continuing Operations

Earnings Per Share

Net Income / (Loss)

Income from Continuing Operations before Income Tax

Applicable Income Tax Reduction

Loss on Disposal of Recreational Division

Income from Continuing Operations

Discontinued Operations

Gain on disposal of recreational division

Income Tax Expense

Earnings Per Share

$

Income from Continuing Operations

Income from Continuing Operations before Income Tax

Gain on disposal of recreational division

Net Income / (Loss)

Discontinued Operations

Earnings Per Share

Income Tax Expense

Applicable Income Tax Reduction

Loss on Disposal of Recreational Division

Net Income / (Loss)

Gain on disposal of recreational division

Income Tax Expense

Discontinued Operations

Loss on Disposal of Recreational Division

Income from Continuing Operations before Income Tax

Applicable Income Tax Reduction

Income from Continuing Operations

Earnings Per Share

$