Exercise 4-17 (Part Level Submission) The following information was taken from the records of Swifty Inc. for the year 2017: Income tax applicable to income from continuing operations $132,906; income tax applicable to loss on discontinued operations 526,588, and unrealized holding gain on available-for-sale securities (net of tax) $21,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $97,200 78,200 247,800 46,000 64,200 Cash dividends declared Retained eamings January 1, 2017 Cost of goods sold Selling expenses Sales Revenue s155,200 644,700 857,100 302,100 1,718,900 Shares outstanding during 2017 were 105,200. SWIFTY INC. Income Statement