The following information is available for Larkspur Inc. for the year ended December 31, 2017: Loss on discontinued operations $65.000 Retained earnings January 1, 2017 $1,460,000 Rent revenue 89,000 Selling expenses 875,000 Income tax applicable to continuing operations 291,000 Income tax applicable to loss on discontinued operations 26.000 Administrative expenses 525,000 Cost of goods sold 1,672,000 Loss on write-down of inventory 45,000 Sales revenue 3,765,000 Gain on sale of equipment 34.000 Cash dividends declared 213.000 Unrealized gain on available-for-sale securities 21,000 Interest expense 47,000 200,000 shares were outstanding during all of 2017. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.45.) Larkspur Inc. Income Statement For the Year Ended December 31, 2017 Sales Revenue $ $3,765,000 Cost of Goods Sold 1,672,000 i Gross Profit 2,093,000 Operating Expenses Selling Expenses V $ 875000 Administrative Expenses 525000 1400000 Income from Operations 693,000 Other Revenues and Gains Rent Revenue 89000 Gain on the sale of Equipment 34000 123000 Other Expenses and Losses Interest Expense 47000 i Inventory Loss 45000 i 92000 i Income from Continuing Operations Before Income Tax 724,000 Income Tax 7 291000 i Income from Continuing Operations 7 433,000 Discontinued Operations Loss on Discontinued Operations 65000 Less Income Tax 26000 i 39000 i Operating Expenses Selling Expenses $ 875000 i Administrative Expenses 525000 i 1400000 Income from Operations 693,000 Other Revenues and Gains Rent Revenue 89000 Gain on the Sale of Equipment 34000 123000 Other Expenses and Losses Interest Expense 47000 i Inventory Loss 45000 92000 Income from Continuing Operations Before Income Tax 724,000 Income Tax 7 291000 i Income from Continuing Operations 7 433,000 Discontinued Operations Loss on Discontinued Operations 65000 i Less Income Tax 26000 39000 i Net Income /(Loss) $ 472,000 Per share of common stock: Income from Continuing Operations $ 2.165 Discontinued Operations 0.195 Net Income /(Loss) 2.36