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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