1-9. (Corporate income tax) G. R. Edwin Inc. had sales of $6 million during the past year. The cost of goods sold amounted to $3 million Operating expenses totaled $2.6 million, and interest expense was $30,000. Determine the firm's tax liability 1-10. (Corporate income tax) The Analtoly Corporation is an electronics dealer and distributor. Sales for the last year were $4.5 million, and cost of goods sold and operating expenses totaled $3.2 mil- Lion. Analtoly also paid $150,000 in interest expense, and depreciation expense totaled $50,000. In addition, the company sold securities for $120,000 that it had purchased 4 years earlier at a price of $40,000 Compute the tax liability for Analtoly. 1-11. (Corporate income tax) Utsumi Inc. supplies wholesale industrial chemicals. Last year the com- pany had sales of $6.5 million Cost of goods sold and operating expenses amounted to 70 percent of sales, and depreciation and interest expenses were $75,000 and $160,000, respectively. Further- more, the corporation sold 40,000 shares of Sumitomo Industries for $10 a share. These shares were purchased 1 year ago for $8 each. In addition, Utsumi received $60,000 in dividend income. Com- pute the corporation's tax liability 1-12. (Corporate income tax) Mdyer Inc. had taxable income of $300,000. Calculate Mdyer's federal income taxes. 1-13. Corporate income tax) Fighting Dyer Inc. had taxable income of $20 million. Calculate Fight- ing Dyer's federal income taxes. 1-14. (Curporate income tax) Boisjoly Productions had taxable income of $19 million. a. Calculate Boisjoly's federal income taxes. b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $20 million