Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2010, follows:
- Net cash provided by operations $98,000
- Cost of goods sold 310,000
- Selling, general, and administrative expenses 124,000
- Accounts payable 90,000
- Extraordinary loss from hurricane, net of tax savings of $36,000 136,000
- Research and development expenses 30,000
- Net loss from discontinued operations, net of tax savings of $24,000 60,000
- Provision for income taxes 78,000
- Net sales 840,000
- Interest expense 64,000
Required:
(a)Calculate income from operations (operating income) for the year ended December 31, 2010. (Omit the "$" sign in your response.)
Operating income $
(b)Calculate net income for the year ended December 31, 2010. (Omit the "$" sign in your response.)
Net income $