Presented below are selected ledger accounts of Whispering 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% $65,000 130,000 104,000 702,000 273,000 26,000 19,500 52,000 39,000 117,000 * Your answer is incorrect. Compute net income for 2020. Net income $ 702000 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.) WHISPERING CORPORATION Income Statement For the Year Ended December 31, 2017 V Income From Continuing Operations Before Income Tax $ 273000 Income Tax 13000 Income From Continuing Operations 104000 Discontinued Operations, Net of Tax 52000 Net Income /(Loss) $ 559000 Earnings Per Share Income From Continuing Operations $ 143000 Loss on Discontinued Operations, Net of Tax 28600 Net Income /(Loss) $ 288600