Cash $123,000 Administrative expenses 250,000 Selling expenses 202,000 Net sales 1,340,000 Cost of goods sold 527,000 52,000 36,400 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 100,000 75,000 224,000 Effective tax rate = 30% (a) Your answer is incorrect. Compute net income for 2017. Net income $