Calculate income from operations and net income

Net cash provided by operation ..............$ 49,000

Cost of goods sold ...................$155,000

Selling, general, and administrative expenses ........$ 62,000

Accounts payable ..................$ 45,000

Extraordinary loss from hurricane, net of tax

Savings $18,000 ...................$ 68,000

Research and development expenses ...........$ 15,000

Net loss from discontinued operations, net of tax

Savings of $12,000 ..................$ 30,000

Provision for income taxes ...............$ 39,000

Net Sales ......................$420,000

Interest expense ...................$ 32,000

a. Calculate income from operations (operating income) for the year ended December 31, 2007.

b. Calculate net income for the year ended December 31, 2007.