Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2007. Be sure to label your answer clearly and show all work.
Research and development expenses......................................86,000
Loss on discontinued operations ...............................................34,000
Income tax provision.................................................................68,000
Net Sales................................................................................1,022,000
Interest Expense.......................................................................72,000
Net cash provided by operations..................................................76,000
Gross profit................................................................................292,000
Selling and admin expenses.........................................................62,000
Accounts receivable....................................................................134,000
Extraordinary item net of tax........................................................90,000