Presented below selected ledger accounts of Tran $ CATEGORY (Select from list) CATEGORIES Cash 125,000 Revenues Administrative expenses 250,000 Selling Expense Selling expenses 200,000 General & Administrative Expense Net sales 1,350,000 Other Revenues Cost of goods sold 525,000 Other Expenses Cash dividends declared (2020) 50,000 Discontinued operations Cash dividends paid (2020) 37,500 Retained Earning Statement Discontinued operations (loss before income taxes) 100,000 Balance Sheet Depreciation expense, not recorded in 2019 75,000 Retained earnings, December 31, 2019 225,000 Tax Benefit on Discontinued Operations (20 % tax rate) 20,000 Effective tax rate = 20% Instructions (read column usage below) (a) Compute net income for 2020. (b) Prepare Multistep income statement including appropriate earnings per sharePrepare a multiple-step income statement.