1. Below is the financial information of Martin Corporation for 2017.
2. 
   
3. Gain on sale of investments 160,000 
4. Net sales 45,000,000 
5. Cost of goods sold 31,000,000 
6. Loss on disposal of wholesale division 670,000 
7. Interest income 105,000 
8. Loss on operations from wholesale division 690,000 
9. Selling and administrative expenses 8,200,000 
10. Dividends declared on common stock 340,000 
11. Goodwill cancellation 780,000 
12. Dividends declared on preferred stock 120,000 
13. Effective tax rate on all items is 34% 
14. 
    
15. Martin Corporation decided to discontinue wholesale operations and retain operations of manufacture. On July 1, Martin sold the wholesale operations. During 2017, there were 800. 000 common shares outstanding throughout the year. 
16. 
    
17. Instructions 
18. Calculate each of the following. 
19. 1. Operating income 
20. 2. Income before income tax 
21. 3. Income from continuing operations
22. 4. Net income
23. 5. Earnings per share