Problem 4-7 Sarasota Corp, has 150,240 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,400. Additional transactions not considered in the $1,210,400 are as follows 1. In 2017, Sarasota Corp. sold equipment for 538,300. The machine had originaly cost $83,600 and had accumulated depreciation of $31,900. The gain or loss is considered non recurring 2. The company discontinued og rations of o e of its bs dianes dur ng the current year at a loss of $191,900 before taxes. Assume that this transaction meets the criteria for dscontinued operations. The 3. An internal wudit discovered that amtatson ofngible assets was understated by $38,400 (netof tax) in a prior period. The amount was charged against retained earnings 4. The company had a non recurring gain o $125,400 on the condemnation of some of its property (ncluded in the $1,210,400) Analyze the above "formation "d prevare sn morne stnment Sor the year 2017, starting weh ncome from continuing operations before income tax. Compute earnrus per share as ld be shown on loss from operations of the 6xorer babary was soo, 100 before taxes; the loss from dsposal of the subsidary was $101,800 before taxes. the face of the income statement (Assumetotal effective tax ate of 38 nall eems, unless otherwise indicated.)(Round earmings per share to 2 decimal places, en.g 1.4) CALCULATOR SARASOTA CORP Income Statement (Partial)