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Culver Inc. reported income from continuing operations before taxa during 201? of $797,900. Additional transactions occurring in 201? but not considered in the $797,900 are as follows. .4 The corporation experienced an uninsured ood loss in the amount of $93,400 during the year. 2. At the beginning of 2015r 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. Sale of securia held as a part of ii]: portfolio resulted in a ids; of $60,500 (pretax). 4. When ils president died, the corporation realized $162,100 from an insurance policy. The cash surrender value of this policy had been rried on the books as an investment in the amount of $47,440 (the gain is nontaxable). The corporation disposed of its reereaonal division at a loss of $105,030 before Iaxes. Assume that this transaction meets the criteria for discontinued operations. 6. The corporation decided In change its method of inventory pricing from averagecost In the FIFO method. The effect of this change on prior years is to increase 2015 income by $55,150 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%. u ur Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute eamings per share as it should be shown on the face ofthe income smement. 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 ntlrm' answers to (J decimal places, e.g. 5,275.) CULVER INC. Inm Statement (Partial) II For the Year Ended December 31. 2017 : , x Income From connuing Operaons Before Income Tax $ 353860 .. . x I 221760 . x -. Income From Continuing Operations 632100 __ Disoonnued Operations '_ , w Loss From Disposal of Hormonal Division $ 105000| , . .. w v __ es :3: __ Applicable Income Tax Rredumon :_ 31524| 73555 , x . $ 558544 Earnings Per Share _ Income From continuing Doeraons 5.30 l u ., Income Tax Exoense {] -1.16 . t W Click if you would like to Show Work for this question: Modi Show Work