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Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Account Title | Debits | Credits | ||||
Sales revenue | $ | 13,400,000 | ||||
Interest revenue | 59,000 | |||||
Loss on sale of investments | $ | 109,000 | ||||
Cost of goods sold | 6,290,000 | |||||
Selling expenses | 629,000 | |||||
General and administrative expenses | 1,610,000 | |||||
Interest expense | 49,000 | |||||
Research and development expense | 1,290,000 | |||||
Income tax expense | 909,000 | |||||
Required: Calculate the companys operating income for the year.
Total operating revenue Less operating expenses: Operating incomeStep by Step Solution
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