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	84,000
Net cash used by investing activities	107,000
Dividends paid	54,000
Interest expense	65,000
Net sales	741,000
Advertising expense	76,000
Accounts payable	102,000
Income tax expense	81,000
Other selling expenses	44,000

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.