I'm trying to prepare for an upcoming accounting test. Below is one of the problems I've been having difficult with: Calculate operating income and net income. The following informationis available from the accounting records of Spenser Co. for the year ended December 31, 2004: Selling, general,a nd adminstrative expense.............$51,000 Accounts payable........................................85,000 Extraordinary gain from early retirement of bonds, net of tax expense of $28,000...........................104,000 Research and development expenses.......................37,000 Loss from discontinued operations net of tax savings of $5,000............16,000 Provision for income taxes.................................................74,000 Net sales.............................................579,000 Interest expense......................................64,000 Net cash provided by operations.......................148,000 Cost of goods sold....................................272,000 Required: a) Calculate the operating income for Spenser Co. for the year ended December 31, 2004. b) Calculate the company's net income for 2004.

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