Exercise 4-8 Presented below are selected ledger accounts of Sandhill 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% $60,900 100,200 83,940 542,200 268,100 23,620 17,400 46,300 34,500 92,430 Compute net income for 2017 Net income LINK TO TEXT LINK TO TEXT Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information Assume 20,960 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.)