Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2016 Retained earnings, December 31, 2016 Effective tax rate 30% 106,000 84,340 556,000 262,000 22,310 24,600 49,600 32,100 93,380 xYour answer is incorrect. Try again Compute net income for 2017 Net income 103360