Starfruit. company in Hong Kong, comprised 5,000,000 fully paid ordinary draft statement com, a listed shares of $1 each and 4,000,000 fully paid preference shares of S1 each. The of retained profits as at December 31, 2014 is as follows: Profit before tax 3,000,000 (500,000) Less: income tax expenses Profit for the year 2,500,000 Less : Dividends (400,000) Preference share dividends (250,000) Ordinary share dividends 1,850,000 Retained profits for the year 3,000,000 Retained profits at January 1, 2014 Retained profits at December 31, 2014 Starfruit.com made a rights issue of ordinary shares in proportion of one for every five shares held at $3 per share on July 1, 2014. The market price of the ordinary shares on the last day of quotation before rights issue was $5. Required: ine the basic earnings per share for the year ended December 31, 2014 Determ Grapefruit Limited is a listed company on the Hong Kong Stock Exchange. It was set up in January 2013. The financial year ends on December 31. The number of issued ordinary shares as at December 31, 2013 was 2,000,000. Then in January 2014, Grapefruit Limited issued options, convertible preference shares and convertible loan stocks. The information convertible preference shares and convertible loan stocks is as follows: abou t options, I. The exercise price of options (250,000) was $2. . 100,000 convertible preference shares were issued. The convertible preference shares were entitled to a cumulative dividend of $3 per share. Each preference share could be convertible to two ordinary shares. 3, 5% convertible loan stocks with a nominal value of $5,000,000 were issued. Each S1,000 loan stock could be convertible to 50 ordinary shares. The earnings attributable to ordinary shareholders of Grapefruit Limited for the year ended December 31, 2014 was $3,000,000. The tax rate for the year 2014 was 20%. The average share price of ordinary shares of Grapefruit Limited during 2014 was $4 per share. Required: Determin the basic and diluted earnings per share of Grapefruit Limited for the year ended December 31, 2014. (Show all your calculations and round off your calculations and answers to two decimal places.) (b) Determine the deferred tax liability or asset for (1). (2) and (3) as at 31 December 2013