Regent & Associates is a local law firm. After successfully resolving most of their pending cases, Regent is preparing period-end financial statements, and has accumulated the following financial information for the year: Service Revenues: $3,000,000 Beginning Services in Process: $45,000 Ending Services in Process: $2,500 $500,000 $1,500,000 Direct Labor Wages: Administrative Salaries: Office Rent: Supplies Used: What was Murdock's Operating Income for the period? $18,000 $4,000