The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019:

Selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . $106,000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 170,000
Research and development expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,000
Loss from discontinued operations, net of tax savings of $8,000 . . . . . . . . . . . . . . . . . . . . . 24,000
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . 35,000
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 948,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . 97,000
Net cash provided by operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521,000

Required:

a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019.

b. Calculate the company’s net income for 2019.