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Exercise 4-08 (Part Level Submission) Presented below are selected ledger accounts of Skysong 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% $45,000 90,000 72,000 486,000 189,000 18,000 13,500 36,000 27,000 81,000 (a x Your answer is incorrect. Try again. Compute net income for 2020. Net income 370800 LINK TO TEXT LINK TO TEXT