ABC Inc., a hydraulic crane service company, had sales revenue of $ 4,250,000 during the tax year 2012. The following table provides other financial information relating to the tax year (2012):

Labor expenses

$1,550,000

Material cost

$785,000

Depreciation

$332,500

Officeexpenses

$15,000

Interest expenses

$42,200

Rental expenses

$45,000

Salvage value

$43,000

The sold cranes had a book value of $30,000 at the time of sale.

1.Determine the taxable income for 2012

2.Determine the taxable gains (or loss)for 2012

3.Determine the amount of income taxes and gains taxes (or loss credits) and total tax for 2012.