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				$	14,500,000
Interest revenue					70,000
Loss on sale of investments	$	120,000
Cost of goods sold		6,400,000
Selling expenses		640,000
General and administrative expenses		1,720,000
Interest expense		60,000
Research and development expense		1,400,000
Income tax expense		920,000

Required: Calculate the companys operating income for the year.