The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2016: Selling, general, and administrative expenses $ 51,000 Accounts payable 85,000 Research and development expenses 37,000 Loss from discontinued operations, net of tax savings of $5,000 16,000 Provision for income taxes 74,000 Net sales 579,000 Interest expense 64,000 Net cash provided by operations 148,000 Cost of goods sold 272,000 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2016.