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During the year, the Senbet Discount Tire Company had gross sales of $1.1 million. The firms cost of goods sold and sellingexpenses were $529,000 and

During the year, the Senbet Discount Tire Company had gross sales of $1.1 million. The firms cost of goods sold and sellingexpenses were $529,000 and $219,000, respectively. The firm also had notes payable of $840,000. These notes carried an interest rate of 8 percent. Depreciation was $134,000. The firms tax rate was 35 percent.

a.

What was the firms net income?(Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Round your answer to the nearest whole number, e.g., 32.)

Net income $

b.

What was the firms operating cash flow?(Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Round your answer to the nearest whole number, e.g., 32.)

Operating cash flow $

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