Ante enterprise has the following items in its income statement: sales were $1,250,000; operating expenses were $325,000;

Question:

Ante enterprise has the following items in its income statement: sales were $1,250,000; operating expenses were $325,000; cost of goods sold came to $650,000; interest expense was $50,000; interest received was $25,000, and dividends paid $50,000. If the firm’s income tax rate is 34 percent, what is the amount of Ante’s income tax liability?

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