Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $65,000 130,000 104,000 702,000 273,000 26,000 19,500 52,000 39,000 117,000 Compute net income for 2020. Net income $ e Textbook and Media 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. (Round earnings per share to 2 decimal places, e.g. 1.58.) WHISPERING CORPORATION Income Statement For the Year Ended December 31, 2017 V Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Discontinued Operations, Net of Tax Net Income /(Loss) $ Earnings Per Share Income From Continuing Operations $ Discontinued Operations, Net of Tax Net Income /(Loss) $