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 Research and development expenses Loss from discontinued operations, net of tax savings of $8,000 Provision for income taxes Net sales Intrest expense Net cash provided by operations Cost of goods sold $106,000 170,000 77,000 24,000 35,000 948,000 97,000 296,000 521,000 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. Answer is not complete. SPENSER CO. Operating Income Statement For the year ended December 31, 2019 Net sales Cost of goods sold Gross profit Expenses Selling, general, and administrative expenses. 106 Research and development expenses 77 b. Calculate the company's net income for 2019. Answer is complete but not entirely correct. Net income 88 x $ 948 521 $ 427 + 183 S 244