Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2016, follows:

Gross profit	$413,000
General and administrative expenses	83,000
Net cash used by investing activities	105,000
Dividends paid	51,000
Interest expense	60,000
Net sales	746,000
Advertising expense	74,000
Accounts payable	101,000
Income tax expense	82,000
Other selling expenses	42,000

Required:

a. Calculate income from operations (operating income) for the year ended December 31, 2016.

b. Calculate net income for the year ended December 31, 2016.