However, it is still dealing with a series of lawsuits and financial disputes. According to a filing in the singer's probate case, when Jackson died in 2009 he was more than $400 million in debt.
The filing reported the $310 million in income and more than $159 million in spending for the period between June 2009 and December 2010.
The estate's filing states it is negotiating settlements for several lawsuits, including disputes over Jackson's "Thriller" album.
Estate administrators have restructured much of Jackson's debt and negotiated deals for video games, new albums and a movie using rehearsal footage from Jackson's last concert.
The Associated Press contributed to this report.