(Computing income taxes) Sales for L. B. Menielle Inc. during the past year amounted to $5.00 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were $3.00 million. Operating expenses totaled $ 1.00 million. The interest income from the securities owned was $20,000. The firm's interest expense was $100,000. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup wind

Homework: HW CH3 Score: 0 of 1 pt HW 17 of 18 (14 complete) Bookmatch 3-17 (book/static) Computing income taxes) Sales for L. B. Menielle Inc. during the past year amounted to $5.00 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were $3.00 million. Operating expense income from the securities owned was $20,000. The firm's interest expense was $100,000. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, EEE The corporation's tax liability is S(Round to the nearest dollar.) Data Table Corporate Tax Rates 15% $0$50,000 50,001-$75,000 $75,001-S10,000.000 25% 34% 35% over $10,000,000 Additional surtax +5% on income between $100,000 and $335,000 +3% on income between $15,000,000 and $18,333,333 Click on the icon located on the top-right comer of the data table above in order to copy its contents into a spreedsheef) Print Done Enter your answer in the answer box and then click Check Answer All parts showing Clear All