Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $65,000 Cost of Goods Sold $670,000 Other Operating Expenses $410,000 Sales $2,560,000 Wages and Salaries $445,000 Capital Gain $45,000 Calculate Flip's taxable income for the current year. (please show each step)

CALCULATE TAXABLE INCOME (NET OPERATING LOSS)