Exercise 4-8

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

Cash		$67,300
Administrative expenses		108,300
Selling expenses		83,300
Net sales		547,400
Cost of goods sold		262,300
Cash dividends declared (2017)		21,880
Cash dividends paid (2017)		24,600
Discontinued operations (loss before income taxes)		42,100
Depreciation expense, not recorded in 2016		39,300
Retained earnings, December 31, 2016		92,140
Effective tax rate 30%

Compute net income for 2017.

Net income

$

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Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 18,170 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)