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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