Balance sheet data for Lunar Oil Company as of 12/31/23 is as follows for Lease T:

Leasehold costs	$600,000
Less: Accumulated DD&A	($210,000)
Net leasehold costs	$390,000
Wells and related E&F—IDC	$3,000,000
Less: Accumulated DD&A—IDC	($1,250,000)
Net wells and related E&F—IDC	$1,750,000
Wells and related E&F—L&WE	$1,700,000
Less: Accumulated DD&A—L&WE	($240,000)
Net wells and related E&F—L&WE	$1,460,000

Lunar’s activities during 2024 related to Lease T were as follows:

Exploratory dry hole drilled	$750,000
Development dry hole drilled	$800,000
Tanks, separators, etc., installed	$310,000
Production	300,000 bbl
Proved reserves, 12/31/24	3,000,000 bbl
Proved developed reserves, 12/31/24	2,700,000 bbl

Requirement:
 Calculate the Operating Income for 2024.