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Presented below are selected ledger accounts of Tran Corporation as of December 31, 2017. Cash $125,000 Administrative expenses 250,000 Selling expenses 200,000 Net sales 1,350,000

Presented below are selected ledger accounts of Tran Corporation as of December 31, 2017.

Cash $125,000
Administrative expenses 250,000
Selling expenses 200,000
Net sales 1,350,000
Cost of goods sold 525,000
Cash dividends declared (2017) 50,000
Cash dividends paid (2017) 37,500
Discontinued operations (loss before income taxes) 100,000
Depreciation expense, not recorded in 2016 75,000
Retained earnings, December 31, 2016 225,000
Effective tax rate = 30%

(a)

Compute net income for 2017.

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