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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

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