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

Cash

$186,630

Salaries and wages expense (sales)

$285,630Inventory

536,630

Salaries and wages expense (office)

347,630Sales revenue

4,276,630

Purchase returns

16,630Unearned sales revenue

118,630

Sales returns and allowances

80,630Purchases

2,787,630

Freight-in

73,630Sales discounts

35,630

Accounts receivable

144,130Purchase discounts

28,630

Sales commissions

84,630Selling expenses

70,630

Telephone and Internet expense (sales)

18,630Accounting and legal services

34,630

Utilities expense (office)

33,630Insurance expense (office)

25,630

Miscellaneous office expenses

9,630Advertising expense

55,630

Rent revenue

241,630Delivery expense

94,630

Casualty loss (before tax)

71,630Depreciation expense (office equipment)

49,630

Interest expense

177,630Depreciation expense (sales equipment)

37,630

Common stock ($10par)

901,630

Ivanhoe's effective tax rate on all items is34%. A physical inventory indicates that the ending inventory is $687,630.

Prepare a condensed 2017 income statement for Ivanhoe Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)