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Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2013, follows: Gross profit $414,000 General and administrative expenses

Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2013, follows:

Gross profit $414,000
General and administrative expenses 80,000
Net cash used by investing activities 107,000
Dividends paid 50,000
Interest expense 64,000
Net sales 746,000
Advertising expense 75,000
Accounts payable 103,000
Income tax expense 85,000
Other selling expenses 43,000
Required:
a.

Calculate income from operations (operating income) for the year ended December 31, 2013.

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b.

Calculate net income for the year ended December 31, 2013.

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