Presented below are selected ledger accounts of Sheffield Corporation as of December 31, 2025. Cash $56,000 Administrative expenses 112,000 Selling expenses 89,600 Net sales 604,800 Cost of goods sold 235,200 Cash dividends declared (2025) 22,400 Cash dividends paid (2025) 16,800 Discontinued operations (loss before income taxes) 44,800 Depreciation expense, not recorded in 2024 33,600 Retained earnings, December 31, 2024 100,800 Effective tax rate 20%