Carla Inc. reported income from continuing operations before taxes during 2017 of $802,600. Additional transactions occurring in 2017 but not considered in the $802,600 are as follows 1. The corporation experienced an uninsured flood loss in the amount of $92,900 during the year. 2. At the beginning of 201S, the corporation purchased a machine for $72,000salvage value of $12,000) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 3. Sale of securities held as a part of its portfolio resulted in a loss of $64,900 (pretax). 4. When its president died, the corporation realized $145,400 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $45,700 (the 5. The c 6 The corporation decided to change its method ofinventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2015 ncome by S65,g20 and decrease 2016 2017,but failed to deduct the salvage value in computing the depreciation base gain is nontaxable) n disposed of its recreational division at a loss of $122,760 before taxes. Assume that this transaction meets the criteria for discontinued operations. income by $20,100 before taxes. The FIFO method has been used for 2017, The tax rate on these items is 40% Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 128,83 shares. Assume a tax rate of 30% on all items, unless indicated otherwise (Round earnings per share to 2 decimal places, eg 1.48 and all other answers to 0 decimal places, e.g.5,275.)