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

Cash		$186,300		Salaries and wages expense (sales)		$285,300
Inventory		536,300		Salaries and wages expense (office)		347,300
Sales revenue		4,276,300		Purchase returns		16,300
Unearned sales revenue		118,300		Sales returns and allowances		80,300
Purchases		2,787,300		Freight-in		73,300
Sales discounts		35,300		Accounts receivable		143,800
Purchase discounts		28,300		Sales commissions		84,300
Selling expenses		70,300		Telephone and Internet expense (sales)		18,300
Accounting and legal services		34,300		Utilities expense (office)		33,300
Insurance expense (office)		25,300		Miscellaneous office expenses		9,300
Advertising expense		55,300		Rent revenue		241,300
Delivery expense		94,300		Casualty loss (before tax)		71,300
Depreciation expense (office equipment)		49,300		Interest expense		177,300
Depreciation expense (sales equipment)		37,300		Common stock ($10 par)		901,300

Waterways effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $687,300. Prepare a condensed 2017 income statement for Waterway Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

WATERWAY CORPORATION Income Statement For the Year Ended December 31, 2017 Net Sales 4160700 Cost of Goods Sold 2665000 Gross Profit/ (Loss) 1495700 Selling Expenses 645100 Administrative Expenses 498800 351BCO Expenses Rent Revenue 241300 Interest Expense 177300 Casualty loss 71300 Earnings Per Share 344500 income Tax Expense 117130 Net Income/Loss) wi 227370 Earnings Per Share S 2.52