Presented below are selected ledger accounts of Concord Corporation as of December 31, 2020. Cash $ 44,000 Administrative expenses 88,000 Selling expenses 70,400 Net sales 475,200 Cost of goods sold 184,800 Cash dividends declared (2020) 17,600 Cash dividends paid (2020) 13,200 Discontinued operations (loss before income taxes) 35,200 Depreciation expense, not recorded in 2019 26,400 Retained earnings, December 31, 2019 79,200 Effective tax rate 20% Compute net income for 2020. Net income $ 77440 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.) CONCORD CORPORATION Income Statement For the Year Ended December 31, 2020 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 $ CONCORD CORPORATION Income Statement > $ Discontinued Operations, Net of Tax Income From Continuing Operations Before Income Tax v 96800 Income Tax 19360 Net Income /(Loss) $ 77440