Reference no: EM13597655

Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2010, follows:

• Net cash provided by operations $98,000
• Cost of goods sold 310,000
• Selling, general, and administrative expenses 124,000
• Accounts payable 90,000
• Extraordinary loss from hurricane, net of tax savings of $36,000 136,000
• Research and development expenses 30,000
• Net loss from discontinued operations, net of tax savings of $24,000 60,000
• Provision for income taxes 78,000
• Net sales 840,000
• Interest expense 64,000

Required:
(a)Calculate income from operations (operating income) for the year ended December 31, 2010. (Omit the "$" sign in your response.)

Operating income $

(b)Calculate net income for the year ended December 31, 2010. (Omit the "$" sign in your response.)

Net income $