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Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31,...

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Accounting

Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2024, year-end trial balance contained the following income statement items:

Account Title Debits Credits
Sales revenue $ 14,500,000
Interest revenue 70,000
Loss on sale of investments $ 120,000
Cost of goods sold 6,400,000
Selling expenses 640,000
General and administrative expenses 1,720,000
Interest expense 60,000
Research and development expense 1,400,000
Income tax expense 920,000

Required:

Calculate the companys operating income for the year.

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