Reporting Earnings per Share Disclosures Siera Inc. had 350,000 shares of no par common stock outstanding throughout 2020 that declared and paid dividends of $25,000 in 2020. The company also had 15,000 shares of preferred stock that paid dividends of $2,500 in 2020 (declared in 2020). The company reported the following amounts in its income statement for the year ended December 31, 2020 (pretax). Income from continuing operations $625,000 Loss from discontinued operations 17,500 Required a. Prepare the earnings per share section of the income statement for the year ended December 31, 2020, assuming a tax rate of 25%. Use a negative sign to indicate a loss. Round the per share amounts to two decimal places. Per Share: Income from continuing operations 1.33 Loss from discontinued component, net of tax savings Net income (0.03) x $ 1.3 x Required b. Repeat requirement of part a except now assume that the company reported income from discontinued operations of $17,500. Use a negative sign to indicate a loss. Round the per share amounts to two decimal places. Per Share: Income from continuing operations $ 1.33 Income from discontinued component, net of tax 0.03 x Net income $ 1.36 x