Exercise 4-8 Presented below are selected ledger accounts of Pharoah 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 earnings, December 31, 2016 Effective tax rate 30% $60,400 101,200 82,920 553,300 261,600 23,330 23,900 47,700 38,600 94,760 Your answer is incorrect. Try again Compute net income for 2017 Net income 75,747 LINK TO TEXT LINK TO TEXT