Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:...

Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:

Account Title                                                      Debits                        Credits

Sales revenue                                                                             $ 12,500,000
Interest revenue                                                                                   50,000
Loss on sale of investments                             $  100,000
Cost of goods sold                                            6,200,000
Selling expense                                                    620,000
General and administrative expense                 1,520,000
Interest expense                                                     40,000
Research and development expense                 1,200,000
Income tax expense                                              900,000

Required:
Calculate the company’s operating income for the year.