Francisco Olivas of Olivas Medical Supply Company was reading the financial statements of Alvear Corp. to decide whether he wanted to try to acquire the company. He noticed some mistakes in the Alvear Corp. Income Statement:
|($ millions)||Year ended 12/31/2015|
|Gain on sale of equipment||200|
|Cost of Goods Sold||(800)|
|Income Tax Expense||(61)|
What is Alvear Corp.’s Operating Income for the year ended 12/31/2015 after correcting the mistakes?