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  3. 1) presented below are selected ledger accounts of

1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017....

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Accounting

1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017.

Cash $60,400
Administrative expenses 101,200
Selling expenses 82,920
Net sales 553,300
Cost of goods sold 261,600
Cash dividends declared (2017) 23,330
Cash dividends paid (2017) 23,900
Discontinued operations (loss before income taxes) 47,700
Depreciation expense, not recorded in 2016 38,600
Retained earnings, December 31, 2016 94,760

Effective tax rate 30%

1) Compute Net Income for 2017

Net income= $________

2)Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,810 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.)

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