Question 5 Sheridan Corporation had net sales of $2,422,100 and interest revenue of $40,200 during 2017. Expenses for 2017 were cost of goods sold $1,453,500, administrative expenses $220,100, selling expenses $291,900, and interest expense $53,400. Sheridan's tax rate is 30%. The corporation had 100,200 shares of common stock authorized and 71,770 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Sheridan Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SHERIDAN CORPORATION Income Statement SHOW LIST OF ACCOUNTS Question 8 Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $29,040 Accounts payable $33,340 Accounts receivable (net) (17,500) Bonds payable (20,980) Inventory 51,840 Common stock 60,900 Plant assets (net) 46,480 Paid-in capital 15,220 The only entries in Retained Earnings were for net income and a dividend declaration of $17,120. (a) Compute the net income for the current year. Net income $