Assume that the Silver Furniture Company's chief financial officer gave you the fol- lowing information: net sales, $1,900,000; cost of goods sold, $1,050,000; extraordinary gain (net of income taxes of $3,500), $12,500; loss from discontinued operations (net of income tax benefit of $30,000), $50,000; loss on disposal of discontinued operations

(net of income tax benefit of $13,000), $35,000; selling expenses, $50,000; administra- tive expenses, $40,000; income taxes expense on continuing operations, $300,000. From this information, prepare the company's income. L01