Presented below are selected ledger accounts of Sheffield Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales $56,000 112,000 89,600 604,800 Cost of goods sold 235,200 Cash dividends declared (2020) 22,400 Cash dividends paid (2020) 16,800 Discontinued operations (loss before income taxes) 44,800 Depreciation expense, not recorded in 2019 33,600 Retained earnings, December 31, 2019 100,800 Effective tax rate 20% Compute net income for 2020. Net income 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.) SHEFFIELD CORPORATION Income Statement Discontinued Operations, Net of Tax Net Income (Loss) Click is ou would like to Show Works for this question: