Presented below are selected ledger accounts of Novak Corporation as of December 31, 2020. Cash 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% $64,000 128,000 102,400 691,200 268,800 25,600 19,200 51,200 38,400 115,200 (a) Compute net income for 2020. Net income $