Reference no: EM132483183
Presented below are selected ledger accounts of Vaughn Corporation as of December 31, 2020.
Cash $54,000
Administrative expenses 108,000
Selling expenses 86,400
Net sales 583,200
Cost of goods sold 226,800
Cash dividends declared (2020) 21,600
Cash dividends paid (2020) 16,200
Discontinued operations (loss before income taxes) 43,200
Depreciation expense, not recorded in 2019 32,400
Retained earnings, December 31, 2019 97,200
Effective tax rate 20%
Question 1: Compute net income for 2020.
Question 2: Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020.
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