Exercise 4-17 (Part Level Submission) The following information was taken from the records of Culver Inc. for the year 2017: Income tax applicable to income from continuing operations $ 166,702; income tax applicable to loss on discontinued operations $26,724, and unrealized holding gain on available-for-sale securities (net of tax) $22,100. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $98,800 78,600 241,200 48,600 69,800 Cash dividends declared Retained earnings January 1, 2017 Cost of goods sold Selling expenses Sales Revenue $ 139,600 585,500 839,900 322,000 1,815,800 Shares outstanding during 2017 were 96,100. CULVER INC. Income Statement