Also has an income statement.

Presented below are selected ledger accounts of Sheridan 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% $46,000 92,000 73,600 496,800 193,200 18,400 13,800 36,800 27,600 82,800 Compute net income for 2020. Net income $