JESUS Page 4 D. PROBLEM. Orion Company had net income of $3,000,000 in 2020, which included a discontinued loss from operations of $300.000 (net of tax). The activity for Orion common shares during 2020 included the following: Jan. 1, there were 1,000,000 shares outstanding Apr. 1.issued 20,000 shares Sept. I. purchased 70,000 treasury shares Dec. 1, declared a 100% stock dividend on common shares Round weighted-average number of shares to the ncarest whole share, if necessary. Additional information (which has already been adjusted for any stock splits or stock dividends): Convertible preferred stock: During the year, there were 10,000 shares of cumulative convertible preferred stock paying a 3% dividend, each share with a par value of $100 and convertible into four shares of common stock. No preferred dividends were declared or paid during the year. Convertible bonds: One thousand, 6% convertible bonds were issued for the first time in 2019 at a price of 100. Each bond has a $1,000 face value and is convertible into 50 shares of common stock. None were actually converted during the year. The income tax rate is 35%. Stock Options (Group A): During the year, 70,000 options existed for key executives to buy common stock at an exercise price of $50. The average stock price was $70 during the year. No options were actually exercised during the year. Stock Options (Group B): On July 1, 2020, 10,000 options were granted to all employees who had worked for the company for more than 10 years to buy common stock at an exercise price of $80. The average stock price was $70 during the year. No options were actually exercised during the year. Instructions: On the separate answer sheet, show how earnings per share should appear on the face of Orion's 2020 income statement. Round earnings per share to the nearest cent, if necessary. SHOW YOUR WORK. E. SHORT ANSWERS Answer each question completely but concisely on the separate answer sheet. 1. In the two letters from the U.S. Congress (one from the Senate and the other from the House) to the FASB fin ulun minh rument did you find the raud ution