Calculate operating income and net income The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2016. Selling, general, and administrative expenses .. $ 51,000 Accounts payable .. 85,000 Research and development expenses .. 37,000 Loss from discontinued operations, net of tax saving of $5,000 . 17,000 Provision for income taxes .. 18,000 Net sales 489,000 Interest expense 64,000 Net cash provided by operations . 148,000 Cost of goods sold .. 272,000 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2016. b. Calculate the companys net income for 2016.