Problem $2-17$ Net Income and OCF $[$LO$2]$

During $2021,$ Raines Umbrella Corporation had sales of $$769,000.$ Cost of goods sold,

administrative and selling expenses, and depreciation expenses were $$464,000,$

$$104,000,$ and $$149,500,$ respectively. In addition, the company had an interest expense

of $$74,200$ and a tax rate of $24$ percent. $($Ignore any tax loss carryforward provisions and

assume interest expense is fully deductible.$)$

a$.$ What is the company's net income$/$loss for $2021?($Do not round intermediate

calculations and enter your answer as a positive value.$)$

b$.$ What is the company's operating cash flow? $($Do not round intermediate

calculations.$)$