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Culver Corp. has 149,550 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,220,400. Additional transactions not considered in the $1,220,400 are as follows. 1. In 2017, Culver Corp. sold equipment for $37,000. The machine had originally cost $84,800 and had accumulated depreciation o 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. $32,200. The gain or loss is considered non-recurring. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $94,300 before taxes; the loss from disposal of the subsidiary was $97,200 before taxes. 3. An internal audit discovered that amortization of intangible assets was understated by $36,000 (net of tax) in a prior period. The 4. The company had a non-recurring gain of $126,200 on the condemnation of some of its property (included in the $1,220,400). Analyze the above information and prepare an income statement for the year 2017, starting with income from continuing operations amount was charged against retained earnings. before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rte of 38% on all items, unless otherwise indicated.) (Round earnings per share to 2 decimal places, eg, 1.47.) CULVER CORP Income Statement (Partial) For the Year Ended December 31, 2017 Income From Continuing Operations Before Income Tax i Income Tax Expense Income From Continuing Operations Discontinued Operations Loss from Operations of Discontinued Subsidiary LessT Applicable Income Tax Reduction Loss from Disposal of Subsidiary

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