Calculate net income

Transcribed image text: \begin{tabular}{|l|r|} \hline Cash & $50,000 \\ \hline Administrative expense & 100,000 \\ \hline Selling expense & 80,000 \\ \hline Net sales & 540,000 \\ \hline Cost of goods sold & 260,000 \\ \hline Cash dividends declared (2016) & 20,000 \\ \hline Cash dividends paid (2016) & 15,000 \\ \hline Discontinued operations (loss before income taxes) & 40,000 \\ \hline Depreciation expense, not recorded in 2015 & 30,000 \\ \hline Retained earnings, December 31, 2015 & 90,000 \\ \hline Effective tax rate 30\% & \\ \hline \end{tabular}