Current Attempt in Progress Presented below are selected ledger accounts of Metlock Corporation as of Decer 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% $49,000 98,000 78,400 529,200 205,800 19,600 14,700 39,200 29,400 88,200 Compute net income for 2020. Net income $ METLOCK CORPORATION Income Statement For the Year Ended December 31, 2017 $