Exercise 4-8 Presented below are selected ledger accounts of Buffalo Corporation as of December 31, 2017 Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2016 Retained eanings, December 31, 2016 Effective tax rate 30% $52,700 105,200 81,510 554,000 262,400 20,340 18,300 45,300 32,000 91,770 Compute net income for 2017 Net income