(Computing income taxes) Sandersen Inc. sells minicomputers. During the pastyear, thecompany's sales were $ 3.12

$3.12 million. The cost of its merchandise sold came to $1.89

1.89 million, and cash operating expenses were $380 comma 000

380,000; depreciation expense was $96 comma 000

96,000, and the firm paid $150 comma 000

150,000 in interest on its bank loans.Also, the corporation paid $21 comma 000

21,000 in the form of dividends to its own common stockholders. Calculate thecorporation's tax liability by using the corporate tax rate structure in the popupwindow,

.

Corporate Tax Rates

15%

$0long dash

$50,000

25%

$50,001long dash

$75,000

34%

$75,001long dash

$10,000,000

35%

over$10,000,000

Additionalsurtax:

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5% on income between$100,000 and$335,000

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3% on income between$15,000,000 and$18,333,333