Based on the Income Statement of The Clothing Outlet Inc., provide the total Operating Income for the 12-month period ending December 31, 2017.

The following account balances are available for The Clothing Outlet, Inc., a discount retailer, as of and for the year ended December 31, 2017, except for the retained earnings balance which is stated below as of January 1, 2017: Cash...$5,500,000 Accounts receivable...$9,000,000 Marketable securities...$14,000,000 Prepaid insurance....$400,000 Inventory..$4,000,000 Equipment....$7,000,000 Accumulated depreciation: equipment.$3,000,000 Buildings.$20,700,000 Accumulated depreciation: buildings...$5,000,000 Land....$4,000,000 Investments (long-term)..$4,000,000 Patents (net)....$800,000 Accounts payable..$5,000,000 Income taxes payable$1,600,000 Salaries payable$1,000,000 Dividends payable.$2,000,000 Interest payable....$500,000 Notes payable (long-term)....$2,400,000 Bonds payable (long term)..$6,000,000 Common stock.$10,100,000 Retained Earnings (as of Jan. 1, 2017)...$8,400,000 Dividends declared$5,000,000 Sales.$108,000,000 Cost of goods sold$32,600,000 Interest revenue$2,500,000 Interest expense$1,500,000 Income tax expense(calculated @ 40%) Selling expenses: Sales salaries and commissions$6,000,000 Insurance expense...$1,600,000 Advertising expense........$3,500,000 Utilities expense..$4,000,000 Depreciation expense: equipment..$400,000 Delivery expense....$500,000 General and administrative expenses: Executive and administrative salaries$5,800,000 Utilities expense...$4,200,000 Rental expense.$900,000 Depreciation expense: buildings.$500,000