Compute operating income for the year ended December 31, 2007 using the suitable information from data provided below to. Make sure to label the answer clearly and illustrate 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