Exercise 4-08 (Part Level Submission) Presented below are selected ledger accounts of Whispering Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales $65,000 130,000 104,000 702,000 Cost of goods sold 273,000 Cash dividends declared (2020) 26,000 Cash dividends paid (2020) 19,500 Discontinued operations (loss before income taxes) 52,000 Depreciation expense, not recorded in 2019 39,000 Retained earnings, December 31, 2019 117,000 Effective tax rate 20% (a) Compute net income for 2020. Net income