Reference no: EM132248535
Question - Presented below are selected ledger accounts of Marin Corporation as of December 31, 2017.
Cash - $57,400
Administrative expenses - 105,600
Selling expenses - 80,970
Net sales - 555,300
Cost of goods sold - 260,600
Cash dividends declared (2017) - 20,800
Cash dividends paid (2017) - 20,500
Discontinued operations (loss before income taxes) - 49,200
Depreciation expense, not recorded in 2016 - 38,100
Retained earnings, December 31, 2016 - 93,060
Effective tax rate - 30%
Required - Compute net income for 2017.