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

Cash		$186,910		Salaries and wages expense (sales)		$285,910
Inventory		536,910		Salaries and wages expense (office)		347,910
Sales revenue		4,276,910		Purchase returns		16,910
Unearned sales revenue		118,910		Sales returns and allowances		80,910
Purchases		2,787,910		Freight-in		73,910
Sales discounts		35,910		Accounts receivable		144,410
Purchase discounts		28,910		Sales commissions		84,910
Selling expenses		70,910		Telephone and Internet expense (sales)		18,910
Accounting and legal services		34,910		Utilities expense (office)		33,910
Insurance expense (office)		25,910		Miscellaneous office expenses		9,910
Advertising expense		55,910		Rent revenue		241,910
Delivery expense		94,910		Casualty loss (before tax)		71,910
Depreciation expense (office equipment)		49,910		Interest expense		177,910
Depreciation expense (sales equipment)		37,910		Common stock ($10 par)		901,910

Sheridans effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $687,910. Prepare a condensed 2017 income statement for Sheridan Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

SHERIDAN CORPORATION Income Statement

For the Year Ended December 31, 2017

Net Sales

Cost of Good Sold

Gross Profit

Selling Expenses

Administrative Expenses

Income from operations

Rent Revenue

Casualty loss

Interest Expense

Income before income Tax

Income Tax Expense

Net Income

Earnings per Share