Question 9 of 10 3.7/5 m View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct 1 Sarasota Inc reported income from continuing operations before taxes during 2017 of $807 900 Additional transactions occurring in 2017 but not considered in the $ 807.900 are as follows. The corporation experienced an uninsured flood loss in the amount of $ 92.700 during the year 2 At the beginning of 2015, the corporation purchased a machine for $57,600 (salvage value of $9.00 that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017 but failed to deduct the salvape valce in computing the depreciation base 3 Sale of securities held as a part of its portfolio resulted in a loss of $64,300 (pretax 4 When its president died, the corporation realized $ 136,500 from an intrance policy The cash surrender value of this polley had been carried on the books as an investment in the amount of $43.150 (the pain is not able The corporation disposed of its recreational division at a loss of $ 109,090 before taxes. Assume that is transaction meets the criteria for discontinued operations The corporation decided to change its method of Inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2015 Income by $ 63,100 and decrease 2016 income by $ 20 980 before The FIFO method has been used for 2017. The tax rate on these items is 40K 5 Prepare an income statement for the year 2017 starting with income from continuing operations before taes Computeeamines per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 126,910 shares (Assume a tax rate of 30% on all items unless indicated otherwise) Round earnings per share to 2 decimal loos.ca 1.48 and all other answers to decimal places, s. 5,275) SARASOTA INC. Income Statement (Partial) For the Year Ended Deceber 31, 2017 14050 ome From Continuing Operations Before Income Tax 2015