Exercise 4-8 (Part Level Submission)

Presented below are selected ledger accounts of Larkspur Corporation as of December 31, 2017.

Cash		$51,200
Administrative expenses		102,000
Selling expenses		81,270
Net sales		555,400
Cost of goods sold		267,600
Cash dividends declared (2017)		20,320
Cash dividends paid (2017)		21,100
Discontinued operations (loss before income taxes)		46,600
Depreciation expense, not recorded in 2016		35,000
Retained earnings, December 31, 2016		98,810
Effective tax rate 30%

(b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,080 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.) LARKSPUR CORPORATION Income Statement For the Year Ended December 31, 2017