I need someone to help me solve:
EPS Continuing Operations
EPS Discontinued Operations
EPS Net Income
Using the information provided. Not all of the documents will be necessary. All of the information within the document is correct. Hint: EPS Continuing Operations and EPS Discontinued Operations will both add up to equal EPS Net Income which is 1.46. PLEASE PROVIDE A DETAILED EXPLANATION OF HOW YOU GOT THE ANWSER.
Razul Lannister runs a successful corporation selling electrical parts used for large production companies. He employs several people, but is looking to expand his operations further. In addition to expanding the sales of electrical parts, he also wants to start selling heating, ventilation and air conditioning (HVAC) parts and machinery through a separate division of the company called "HVAC Parts & Machinery." Currently, Razul owns all the shares in he corporation. To raise the needed cash, he decides to offer common and preferred shares for sale to investors tarting in 2020. Below is the balance sheet at the end of 2019. Lannister Electric Inc. Balance Sheet As at December 31, 2019 Assets Liabilities Cash 538,000 Accounts Payable $14,500 Accounts Receivable 11,200 Unearned Revenue 7,000 Prepaid Insurance 6,000 Bank Loan 30,000 nventory 55,000 Total Liabilities 51,500 Property, Plant & Equipment 130,000 Shareholders' Equity Accumulated Depreciation -30,000 Common Shares - 90,000 issued 90,000 Retained Earnings 68,700 Total Shareholder's Equity 158,700 Total Assets $210,200 Liabilities & Owner's Equity $210,200 Razul has authorized 130,000 common shares and 20,000 preferred shares. The preferred shares will be cumulative and pay 57 dividends. Razul wants to keep control of his business, so he will keep his 90,000 common shares and will info sit on the board of directors. W/ed lazul has located a few private investors that wish to purchase shares in the new corporation. Some want common shares, while other are interested in preferred shares. On January 20, 2020, Razul issues 15,000 common shares for $37,500 cash and issues 6,000 preferred shares for $24,000 cash.On March 1, 2020, Lannister Electric Inc. issued and sold $150,000, 7 year bonds with an interest rate of 8%%. The market rate at the time of issue was 996. Any premium or discount on the bond is amortized using the effective interest rate method. Interest will be paid annually on February 28. Use a 4 decimal factor for the bond calculation. 5.033 During 2020, the company has performed well, so the board of directors decided to pay dividends. On November 30, 2020, the company declared cash dividends of 570,000, which will be paid out on December 15, 2020. Use the cash dividends method and close cash dividends at the end of the year. During the year, Lannister Electric made the following investments: a) On January 1, Lannister purchased a strategic investment of 10,000 shares in Gregor Inc. for $11 per share. This represents 3596 of Gregor Inc. common shares. On December 31, Gregor Inc. declares and pays a $50,000 dividend and reports a net income of $270,000. Lannister will use the equity method to record this investment. b) On April 17, they purchased a $40,000, 85 day T-bill at 4,% for $39,609. The T-bill matures on July 16. c) On July 1, they purchased a 544,000, 6 year bond paying 8%% when the market rate was 10%%. Interest is paid every 6 months on December 31 and June 30. Lannister paid $40,100 to purchase the bond and plans to hold onto the bond until it matures. 0.5568374 d) On November 23, the company purchased 4000 shares of Daenerys Inc. at $18 per share for the purpose of trading. The shares are less than 4%% of the total shares of Daenerys Inc. and are a non-strategic investment. By December 31, the price per share had gone up to $22 per share. Prepare the journal entries for the issue of shares, issue of the bonds and the dividends, plus all the investments made during the year. Also prepare adjustments at year end to accrue interest on the bond and to record change to any applicable investments.Date Account Title and Explanation DR CR UEr-TO nvestment in associate - Gregor's inc. 110,000 Cash 110,000 to record the purchase of 10,000 shares at $11 per share 20-Jan Cash 61,500 Common Shares 37,500 Preferred Shares 24,000 Issued $37500 common shares and $24,000 preferred shares 01-Mar | Cash 142,446 Discount on Bonds 7,554 Bonds Payable 150,000 To record bond issued at discount 17-Apr | Short-term investment treasury bill 39,609 Cash 39,609 To record the purchase of an 85 day treasury bill 01-Jul Long-term investments bonds 40,100 Cash 40,100 To record the purchase of bonds 16-Jul Cash 40,000 Interest Revenue 391 Short-term investment treasury bill 39,609 To record retirment of treasury bill at maturity 23-Nov Short-term investment 72,000 Cash 72,000 To record the purchase of 4000 shares of Daenerys Inc30-Nov Cash Dividends - Common 28,000 Cash Dividends - Preferred 42,000 Dividends Payable 70,000 To record cash dividends payable 15-Dec Dividends Payable 70,000 Cast 70,000 To record dividends payable 31-Dec Investment in Associate Gregor's inc. 94,500 Rwvenue in Investment of Associate 94,500 To record 35% profit om equity inestment in Gregor's inc 31-Dec Cash 17,500 Investment in associate Gregor's inc. 17,500 record dividends received on equity investment in Gregors inc 31-Dec Short-term Investment Daenerys Inc. common shares 16,000 Gain on Fair Value adjustment to Daenery's common shares 16,000 To record fair value adjustment to Daenery's in common 31-Dec Interest Expense 10,683 Discount on Bonds 683 Interest Payable 10,000 Accured Interest Expense on Amortized Discount at year end 31-Dec Cash 1,760 Long-Term Investment Bonds 245 Interest Revenue 2,005 To record interest received and amortized discount31-Dec Retained Earnings 70,000 Cash Dividends - Common 28,000 Cash Dividends - Preferred 42,000 To close cash dividends to retained earningsConsider the following part is independent from journal entries At the end of the year, Lannister Electric has the following list of accounts and adjusted balances. - The expansion into HVAC did not go as planned and had to be discontinued. All balances are normal balances. Assume the tax rate is 289%. Assume income tax has already been paid. You will just have to calculate the income tax expense on the income statement. Account Title Balance Accounts Payable 115,000 Accounts Receivable 95,000 Accumulated Depreciation 55,000 Bank Loan 40,000 Bonds Payable 150,000 Cash 70,127 Common Shares 127,500 Cost of Goods Sold 310,500 Depreciation Expense 25,000 Discount on Bonds 6,871 Gain on Fair Value Adjustment 16,000 Insurance Expense 2,000 Interest Expense 12,683 Interest Payable 10,000 Interest Revenue 2,396 Inventory 60,000 Investment in Associate - Gregor Inc. 187,000 Long-Term Investment - Bond 40,345 Loss from Discontinued Operations -14,700 Maintenance Expense 9,000 Preferred Shares 24,000 Prepaid Insurance 16,000B C E F Professional Fees Expense 6.600 Property, Plant & Equipment 240,000 Rent Expense 38.000 Revenue from Investment in Associate 94.500 Salaries Expense 75,000 Sales Discounts 8.000 Sales Returns and Allowances 10.000 Sales Revenue 690,000 Short-Term Investment - Daenerys Inc. 88.000 Telephone Expense 4.000 Travel Expense 16.700 Unearned Revenue 88,230 Notes: The bank loan is payable over 8 years and $5,000 will be paid by Prepare a multistep income statement for the year ending Decen nearest whole number. Lannister Electric Inc. Income Statement For the Year Ended December 31, 2020 Sales Revenue 690.000 Sales Returns and Allowances (10,000) Sales Discounts (8,000] Net Sales 672,000 Cost of Goods Sold 310,500 Gross Profit 361.500 Expenses Operating Expenses Depreciation Expense 25,000 Insurance Expense 2,000 Maitenance Expense 9,000 Professional Fees Expense 6,600 Rent Expense 38,000 Salaries Expense 75,000 Telephone Expense 4.000B C E Travel Expense 16.700 Total Operating Expenses (176,300) Results from Operating Activities 185.200 Other Revenue and Expenses Gain on Fair Value Adjustment 16.000 Revenue from Investment 94.500 Interest Revenue 2.396 Interest Expense 12,683 (100,213) Income Before Tax 285.413 Income Tax Expense (79,916) Income from Cont. Operations 205.497 Discountinned Operations Loss from DisCont. Operations (14.700) Income Tax Benefit 4.116 After Tax Loss From Discount Operations (10.584) Net Income 194.913Calculate the earnings per share for i) Income from Continuing Operations, ii) income from Discontinued Operations and iii) Net Income. EPS Continuing Operations your preferred dividend caleuation is still incorrect, please check EPS Discontinued Operations when you have calculated correctly. 0232 and 234 will add up to D236 EPS Net Income check figure after above change : 1.46