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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 $ 14,000,000
Interest revenue 65,000
Loss on sale of investments $ 115,000
Cost of goods sold 6,350,000
Selling expenses 635,000
General and administrative expenses 1,670,000
Interest expense 55,000
Research and development expense 1,350,000
Income tax expense 915,000

Required: Calculate the companys operating income for the year.

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