Presented below are selected ledger accounts of Larkspur Corporation as of December 31, 2017 Cash $51,400 Administrative expenses 107,500 Selling expenses 80,940 Net sales 557,500 268,200 Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) 24,650 23,600 40,700 Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2016 Retained earnings, December 31, 2016 31,400 91,420 Effective tax rate 30% (a) Compute net income for 2017. Net income $ TAL