The following are selected ledger accounts ofMetlockCorporation at December 31, 2017.

Cash$188,470Salaries and wages expense (sales)$287,470Inventory538,470Salaries and wages expense (office)349,470Sales revenue4,278,470Purchase returns18,470Unearned sales revenue120,470Sales returns and allowances82,470Purchases2,789,470Freight-in75,470Sales discounts37,470Accounts receivable145,970Purchase discounts30,470Sales commissions86,470Selling expenses72,470Telephone and Internet expense (sales)20,470Accounting and legal services36,470Utilities expense (office)35,470Insurance expense (office)27,470Miscellaneous office expenses11,470Advertising expense57,470Rent revenue243,470Delivery expense96,470Casualty loss (before tax)

73,470Depreciation expense (office equipment)51,470Interest expense179,470Depreciation expense (sales equipment)39,470Common stock ($10par)903,470

Metlock's effective tax rate on all items is34%. A physical inventory indicates that the ending inventory is $689,470.

condensed 2017 income statement forMetlockCorporation.(Round earnings per share to 2 decimal places, e.g. 1.48.)

METLOCKCORPORATION

Income Statement

net sales 4,158,830

Cost of goods sold 2665,000

Gross profit/loss 1,493,830

Selling expense 563,820

administrative expenses 608,290

321720

income from operations 321,720

casualty loss 73470

rent revenue 243470

interest expense 179470

496410

income before income tax 312250

income tax expense 106,165

net income loss 206,085

earnings per share 2.28

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