The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019:

Selling, general, and administrative expenses	$	61,200
Accounts payable		102,000
Research and development expenses		44,400
Loss from discontinued operations, net of tax savings of $6,000		19,200
Provision for income taxes		88,800
Net sales		694,800
Interest expense		76,800
Net cash provided by operations		177,600
Cost of goods sold		326,400

Required:

a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019.

b. Calculate the company's net income for 2019.