Presented below are selected ledger accounts of Kingbird Corporation as of December 31, 2020. Cash $60,000 120,000 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% 96,000 648,000 252,000 24,000 18,000 48,000 36,000 108,000 Compute net income for 2020. Net income $ $ 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.) KINGBIRD CORPORATION Income Statement > $ A >