The following information is avail-able from the accounting records of Spenser Co. for the year ended December 31, 2016:

Selling, general, and administrative expenses................................... $ 51,000

Accounts payable.................................................................... 85,000

Research and development expenses.............................................. 37,030

Loss tram discontinued operations, net of tax savings of $5.000............ 17,000

Provision for income taxes......................................................... 18,000

Net sales............................................................................... 489,000

Interest Expense...................................................................... 64,000

Net cash provided by operations................................................... 148,000

Cost of goods sold.................................................................... 272.000

Required:

a. Calculate the operating income for Spenser Co. for the year ended December 31. 2016.

b. Calculate the company's net income for 2016.