The income statement of Garrett Corporation for 1979 appears below.

Note 1: Garrett Corporation owns 10 percent of the outstanding common shares of Williams Corporation. During 1979, Williams Corporation earned \(\$ 2,000,000\) and declared dividends of \(\$ 600,000\).
Note 2: Garrett Corporation owns 30 percent of the outstanding common shares of Knowles Corporation. During 1979, Knowles Corporation earned \(\$ 1,000,000\) and declared dividends of \(\$ 400,000\).
Note 3: Depreciation charges of \(\$ 200,000\) and \(\$ 100,000\) are included in Cost of Goods Sold and Selling and Administrative Expenses respectively.
Note 4: Income Tax Expense is composed of the following:

Current income tax expense has been reduced by \(\$ 40,000\) for amortization of deferred investment tax credits. The investment credit realized during 1979 and added to the Deferred Investment Tax Credit account on the balance sheet is \(\$ 60,000\).
Determine the amount of working capital provided by operations for Garrett Corporation during 1979. Your analysis should begin with net income of \(\$ 630,000\).

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Garrett Corporation Income Statement for the Year Ended December 31, 1979 Revenues: Sales Interest Dividends (Note 1) Equity in Earnings of Unconsolidated Affiliate (Note 2). Recovery of Loss on Valuation of Marketable Equity Securities Total Revenue Expenses: Cost of Goods Sold (Note 3) Selling and Administrative (Note 3) Interest Total Expenses Income Before Income Taxes Income Tax Expense (Note 4) Income Before Minority Interest Less Minority Interest in Earnings of Consolidated Subsidiary Net Income $5,000,000 100,000 60,000 300,000 30,000 $5,490,000 $3,000,000 800,000 200,000 $4,000,000 $1,490,000 700,000 $ 790.000 160,000 $ 630,000