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Culver Inc. reported income from continuing operations before taxes during 2017 of $797,900. Additional transactions occurring in 2017 but not considered in the $797,900 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $93,400 during the year 2. At the beginning of 2015, the corporation purchased a machine for $75,600 (salvage value of $12,600) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed to deduct the salvage value in computing the depreciation base. 3. Sale of securities held as a part of its portfolio resulted in a loss of $60,800 (pretax). 4. When its president died, the corporation realized $162,100 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $47,440 (the gain is nontaxable) 5. The corporation disposed of its recreational division at a loss of $105,080 before taxes. Assume that this transaction meets the criteria for discontinued operations. 6. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2015 income by $55,160 and decrease 2016 income by $19,110 before taxes. The FIFO method has been used for 2017. The tax rate on these items is 40% Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 119,240 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 5.275.) CULVER INC. Income Statement (Partial) For the Year Ended December 3 2017 ncome From Continuing Operations Before Income Tax 853860 ncome Tax Expense 221760 ncome From Continuing Operations 632100 Discontinued Operati Loss From Disposal of Recreational Division 105080 73556 Net Income (Loss 558544 Earnings Per Share ncome From Continuing Operations 5.30 Tax Expense 4.14 Net Income (Loss Click if you would like to Show Work for this question Modify Show Work