Presented below are selected ledger accounts of Metlock Corporation as of December 31, 2020.

Cash		$49,000
Administrative expenses		98,000
Selling expenses		78,400
Net sales		529,200
Cost of goods sold		205,800
Cash dividends declared (2020)		19,600
Cash dividends paid (2020)		14,700
Discontinued operations (loss before income taxes)		39,200
Depreciation expense, not recorded in 2019		29,400
Retained earnings, December 31, 2019		88,200
Effective tax rate 20%

1. Compute net income for 2020

2.

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.)

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. METLOCK CORPORATION Income Statement For the Year Ended December 31, 2017 A UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU IIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TIITITXO T Net Income / (Loss) | Earnings Per Share Y Income From Continuing Operations IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII x