France Co. has a December 31 year-end. Data for 2020 shows: Net income for 2020 is $1,500,000, which includes a $50,000 after-tax discontinued gain. There were 60,000, $3, non-cumulative preferred shares outstanding. 400,000 Common shares were issued and outstanding during all of 2020. No dividends were declared in 2020 and no dividends were in arrears. (1). Determine the correct income available to common shareholders before the discontinued gain. A. $1,500,000 B. $1,450,000 C. $1,320,000 D. $1,270,000 #1 Answer: (2). Determine the correct income available to common shareholders after the discontinued gain. A. $1,500,000 B. $1,450,000 C. $1,320,000 D. $1,270,000 #2 Answers