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Smith Corporation has provided the following information:
Cash sales totaled $137,000.
Credit sales totaled $291,000.
Cash collections from customers for services yet to be provided totaled $50,000.
An $12,000 gain from the sale of property and equipment occurred.
Interest income totaled $8,900.
Problem 1: How much were Smith's operating revenues?
Option 1: $428,000
Option 2: $498,900
Option 3: $478,000
Option 4: $436,900
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