3 Tax rate: 21%

Question 3 1 pts Burton Corporation had sales of $41,729,394 last year. Costs of goods sold amounted to 30% of sales, and cash operating expenses amounted to 20% of sales. Depreciation expense was $1,500,000. The firm paid 8% interest on $20,000,000 in outstanding bonds. Also, Burton sold 30,000 shares of Oviedo Company common stock for $74share. Burton had purchased these shares two years ago for $30 a share. Burton received $200,180 in dividend income for the year, and paid $544,481 in dividends to its common shareholders. Compute the firm's tax liability. SET YOUR CALCULATOR TO 4 DECIMAL PLACES THEN ROUND TO THE NEAREST WHOLE NUMBER AT THE END. DO NOT ENTER THE $ SIGN SYMBOL..i.e. if your answer is 1,000,000 enter it as 1,000,000