Presented below are selected ledger accounts of Oriole 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% $59,000 118,000 94,400 637,200 247,800 23,600 17,700 47,200 35,400 106,200 Compute net income for 2020. Net income $ e Textbook and Media 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.) ORIOLE CORPORATION Income Statement