1)

Suppose that in addition to $16.70 million of taxable income, Texas Taco, Inc., received $8,900,000 of interest on state-issued bonds and $790,000 of dividends on common stock it owns in Arizona Taco, Inc.

Use the tax schedule inTable 2.3to calculate Texas Tacos income tax liability.(Enter your answer in dollars not in millions.)

What are Texas Tacos average and marginal tax rates on taxable income?(Round your answers to 2 decimal places.)

2)Oakdale Fashions, Inc., had $295,000 in 2012 taxable income. Using the tax schedule inTable 2.3calculate the companys 2012 income taxes..

Income tax :

3)

Brendas Bar and Grill has total assets of $25.0 million, of which $19.0 million are current assets. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Brendas gross plant and equipment has a book value of $19.5 million and other long-term assets have a book value of $600,000.

What is the balance of inventory and the balance of depreciation on Brenda's Bar and Grills balance sheet?(Enter your answers in millions of dollars rounded to 1 decimal place.)