Reporting Earnings per Share Disclosures Siera Inc. had 350,000 shares of common stock outstanding throughout the year that declared and paid dividends of $50,000 during the year. The company also declared and paid dividends of $5,000 on 30,000 shares of preferred stock during the year. The company reported the following amounts in its income statement for the year ended December 31 (pretax). Income from continuing operations $1,250,000 Loss from discontinued operations 35,000 Required a. Prepare the earnings per share section of the income statement for the year ended December 31, assuming a tax rate of 25%. Use a negative sign to indicate a loss. Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. Per Share: Income from continuing operations $ 2.66 Loss from discontinued component, net of tax savings Net income (0.075) * $ 2.585 * Required b. Repeat requirement of part a except now assume that the company reported income from discontinued operations of $35,000. Use a negative sign to indicate a loss. Enter the answers for per share amounts in dollars and cents, rounded to the nearest penny. Per Share: Income from continuing operations +A $ 2.66 Income from discontinued component, net of tax 0.075 X Net income $ 2.735 X