Builtrite sells office equipment along the West Coast and is actively involved in furniture manufacture.During the past year, Builtrite had sales of $14,000,000.Cost of goods sold amounted to $6,000,000 and operating expenses (including depreciation) came to $3,500,000.Builtrite invested in one of its suppliers and received $200,000 in dividends.Interest expense from 10 year old bonds came to $400,000.Builtrite had planned to build a new manufacturing plant last year but decided against it so the company sold the land purchased two years prior for a $1,250,000 gain.Builtrite also sold some stock for a $200,000 loss.Builtrite also paid a preferred dividend of $150,000 and a common dividend of $500,000.

a) What if Builtrite's tax liability?

b) What would be the "true" net profits after tax?

c) What would be the "true" earnings per share for the common stockholders assuming Builtrite has 1,000,000 shares of commonstock?