The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: Selling, general, and administrative expenses Accounts payable $106,000 170,000 Research and development expenses Loss from discontinued operations, net of tax savings of $8,000 Provision for income taxes 77,000 24,000 35,000 Net sales 948,000 Interest expense 97,000 Net cash provided by operations 296,000 Cost of goods sold 521,000 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. Expenses: SPENSER CO. Operating Income Statement For the year ended December 31, 2019