Presented below are selected ledger accounts of Pharoah Corporation as of December 31, 2017. Cash $54,100 Administrative expenses 102,000 Selling expenses 84,770 Net sales 553,800 Cost of goods sold 269,500 Cash dividends declared (2017) 21,880 Cash dividends paid (2017) 21,200 Discontinued operations (loss before income taxes) 49,000 Depreciation expense, not recorded in 2016 32,700 Retained earnings, December 31, 2016 95,460 Effective tax rate 30%

Compute net income for 2017.

Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 18,280 shares of common stock were outstanding during 2017.