Presented below are selected ledger accounts of Concord Corporation as of December 31, 2025. Cash Administrative expenses Selling expenses $44,000 88,000 70,400 Net sales 475,200 Cost of goods sold 184,800 Cash dividends declared (2025) 17,600 Cash dividends paid (2025) 13,200 Discontinued operations (loss before income taxes) 35,200 Depreciation expense, not recorded in 2024 26,400 Retained earnings, December 31, 2024 79,200 Effective tax rate 20%