The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2016:

Net cash provided by financing activities - $168,000

Dividends paid - 27,000

Loss from discontinued operations, net of tax savings of $70,000 - 155,000

Income tax expense - 39,000

Other selling expenses - 20,000

Net sales - 966,000

Advertising expense - 67,000

Accounts receivable - 186,000

Costs of goods sold - 552,000

General and administrative expenses - 214,000

Required:

a. Calculate the operating income for Manahan Co. for the year ended December 31, 2016.

b. Calculate the company's net income for 2016.