Exercise 4-8 Presented below are selected ledger accounts of Sunland 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% $51,400 107,500 80,940 557,500 268,200 24,650 23,600 40,700 31,400 91,420 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 Assume 19.220 shares of common stock were outstanding during 2017. (Round earn ings per share to 2 de