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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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