Exercise 4-8 (Part Level Submission) Presented below are selected ledger accounts of Stellar Corporation as of December 31, 2017. $54,000 Cash Administrative expenses 104,600 81,080 Selling expenses Net sales 553,800 Cost of goods sold 262,100 Cash dividends declared (2017) 21,880 Cash dividends paid (2017) 18,500 Discontinued operations (loss before income taxes) 49,000 Depreciation expense, not recorded in 2016 32,700 Retained earnings, December 31, 2016 93,060 Effective tax rate 30% (a) Your answer is correct. Compute net income for 2017. 39914 Net income (b) Prepare stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.q. 1.58.) partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 21,220 shares of common STELLAR CORPORATION Income Statement