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.