partial income statement

net income for 2020

10,000 shares of common stock were outstanding during 2020

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% $47,000 94,000 75,200 507,600 197,400 18,800 14,100 37,600 28,200 84,600