Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2010.

Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2010. 50,000 Administrative expenses 100,000 Selling expenses 80,000 Net sales 548,200 Cost of goods sold 219,900 Cash dividends declared (2010) 20,000 Cash dividends paid (2010) 15,000 Discontinued operations (loss before income taxes) 43,500 Depreciation expense, not recorded in 2009 30,000 Retained earnings, December 31, 2009 90,000 (a) Compute net income for 2010.