Please provide the accurate answer to this general accounting problem using valid techniques.

Selected information taken from the financial statements of Fairgrove Corp. for the year ended December 31, 2024, follows: Description Amount Gross profit $520,000 General and administrative expenses $95,000 Net cash used by investing activities $140,000 Dividends paid $45,000 Interest expense $72,000 Net sales $920,000 Advertising expense $80,000 Accounts payable $110,000 Income tax expense $96,000 Other selling expenses $57,000 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2024. b. Calculate net income for the year ended December 31, 2024