ssignment CES Exercise 4-8 Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2017. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) Discontinued operations (loss before income taxes) $67,100 106,500 84,980 543,300 261,800 20,730 17,400 44,200 35,500 96,240 Depreciation expense, not recorded in 2016 Retained earnings, December 31, 2016 Effective tax rate 30% -10 -12 Compute net income for 2017 Net income 32074 2-1 Prepare a partial income statement beginning with income from continuing operations before income tax, and inclue stock were outstanding during 2017, (Round earnings per share to 2 decimal places, e.g. 1.58.) ent exivasy All Rights Reserved. A Division of John Wiiey sS 8 4