Presented below are selected ledger accounts of Novak Corporation as of December 31, 2025. Cash $64,000 Administrative expenses 128,000 Selling expenses 102,400 Net sales 691,200 Cost of goods sold 268,800 Cash dividends declared (2025) 25,600 Cash dividends paid (2025) 19,200 Discontinued operations (loss before income taxes) 51,200 Depreciation expense, not recorded in 2024 38,400 Retained earnings, December 31, 2024 115,200 Effective tax rate 20%