#5 (Corporate income tax) G. R. Edwin Inc. had sales of $5.84 million during the past year. The cost of goods sold amounted to $2.5 million. Operating expenses totaled $2.51 $22,000. Use the corporate tax rates shown in the popup window,to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $__________ your response here. (Round to the nearest dollar.) Taxable Income Marginal Tax Rate $0$50,000 15% $50,001$75,000 25% $75,001$100,000 34% $100,001$335,000 39% $335,001$10,000,000 34% $10,000,001$15,000,000 35% $15,000,001$18,333,333 38% Over $18,333,333 35%