Presented below are selected ledger accounts of Splish 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% $63,000 126,000 100,800 680,400 264,600 25,200 18,900 50,400 37,800 113,400 (a) X Your answer is incorrect. Compute net income for 2020