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 $7,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 71,400 119,000 51,800 22,400 103,600 810,600 89,600 207, 200 380,800 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. 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 Research and development expenses $ 810,600 380,800 $ 429,800 $ 71.400 51,800 123,200 $ 306,600 b. Calculate the company's net income for 2019