Exercise 4-8 (Part Level Submission) Presented below are selected ledger accounts of Monty Corporation as of December 31, 2017. Cash $63,600 Administrative expenses Selling expenses 109,900 83,970 Net sales 557,000 Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) Discontinued operations (loss before income taxes) 40,500 Depreciation expense, not recorded in 2016 Retained earnings, December 31, 2016 Effective tax rate 30% 266,900 20,830 16,900 37,500 93,570 (a) Your answer is correct. Compute net income for 2017. Net income 39011 SHOW ANSWER LINK TO TXT LINK T Attempts: 1 of 3 used (b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 18,700 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.) MONTY CORPORATION Income Statement Discontinued Operations, Net of Tax Earnings Per Share Income From Continuing Operations Before Income 1ax Income Tax Income From Continuing Operations Loss on Discontinued Operations, Net of Tax INet Income / (Loss)