Exercise 4-8 Presented below are selected ledger accounts of Larkspur Corporation as of December 31, 2017. Cash Administrative expenses Selling expenses Net sales $57,400 105,600 80,970 555,300 260,600 20,800 20,500 49,200 38,100 93,060 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 earnings, December 31, 2016 Effective tax rate 30% Compute net income for 2017 Net income INK TO TEXT LINK TO TEXI