Question 1 (11 points) On January 1, 2020, Scott Ltd.'s outstanding shares included the following: 125,000, $1.50 cumulative preferred shares 420,000 common shares During 2020, the following transactions took place March 1, 2020 - 240,000 shares issued for $20 each. July 1, 2020 -A2-for-1 stock split was distributed. October 1, 2020 - 450,000 common shares were repurchased and retired for $22 each Scott reported net income for the year as follows: Income before discontinued operations Loss on discontinued operations, net of income tax Net income $1,202,250 67,650 $1.134.600 Required: Calculate basic earnings per share amounts that should be reported for 2020. The following page is provided for your calculations and your