(Income Statement, EPS) Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2004.

(a) Compute net income for 2004.

(b) 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 during2004.

Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2004) Cash dividends paid (2004) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2003 Retained earnings, December 31, 2003 Effective tax rate 30% $ 50,000 100,000 80,000 540,000 210,000 20,000 15,000 40,000 30,000 90,000