E4.8 (LO 2, 3) (Income Statement, EPS) Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales $ 50,000 100,000 80,000 540,000 Instructions 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% a. Compute net income for 2020. b. Prepare a partial income statement beginning with income from continuing operations before in- come tax, and including appropriate earnings per share information. Assume 10,000 shares of com- mon stock were outstanding during 2020