E4-8 (LO2, 3, 4) (Income Statement, EPS) Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2010. Cash 50,000 Administrative expenses 100.000 Selling expenses 80,000 Net sales $40,000 Cost of goods sold 260,000 Cash dividends declared (2010) 20,000 Cash dividends paid (20109 15.000 Discontinued operations (loss before income tax) 40.000 30,000 Depreciation expense, not recorded in 2009 90,000 Retained earnings. December 31, 2009 Effective tax rate 30% Instructions a. Compute net income for 2010, b. Prepare a partial income statement beginning with income before income tax, and including appropriate earnings per share information. Assume 20,000 ordinary shares were outstanding -during 2019