Essay
The following information has been provided by Flatiron Company for the year ended December 31, 2014:
Net income was $71,000;
Income tax expense was $47,000;
Dividends declared and paid totaled $7,500;
Interest expense was $8,700;
Loss on sale of plant assets was $15,000;
Operating expenses totaled $91,000;
Cash collected from customers was $220,000.
How much was Flatiron's operating income?
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