Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2020.

Cash...........................................................................................$ 50,000
Administrative expenses..........................................................100,000
Selling expenses..........................................................................80,000
Net sales.....................................................................................540,000
Cost of goods sold.....................................................................210,000
Cash dividends declared (2020)................................................20,000
Cash dividends paid (2020)........................................................15,000
Discontinued operations (loss before income taxes).............40,000
Depreciation expense, not recorded in 2019..........................30,000
Retained earnings, December 31, 2019...................................90,000
Effective tax rate 20%

Instructions

a. Compute net income for 2020.

b. Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020.