The following are selected ledger accounts of Headland Corporation at December 31, 2017.

Cash		$188,050		Salaries and wages expense (sales)		$287,050
Inventory		538,050		Salaries and wages expense (office)		349,050
Sales revenue		4,278,050		Purchase returns		18,050
Unearned sales revenue		120,050		Sales returns and allowances		82,050
Purchases		2,789,050		Freight-in		75,050
Sales discounts		37,050		Accounts receivable		145,550
Purchase discounts		30,050		Sales commissions		86,050
Selling expenses		72,050		Telephone and Internet expense (sales)		20,050
Accounting and legal services		36,050		Utilities expense (office)		35,050
Insurance expense (office)		27,050		Miscellaneous office expenses		11,050
Advertising expense		57,050		Rent revenue		243,050
Delivery expense		96,050		Casualty loss (before tax)		73,050
Depreciation expense (office equipment)		51,050		Interest expense		179,050
Depreciation expense (sales equipment)		39,050		Common stock ($10 par)		903,050

Headlands effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $689,050. Prepare a condensed 2017 income statement for Headland Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)