Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recentyear, the company generated sales of $3.18 million. The combined cost of goods sold and the operating expenses were $2.05 million.Also, $384,000 in interest expense was paid during the year. Calculate thecorporation's tax liability by using the corporate tax rate structure in the popupwindow,

15% $0$50,000

25% $50,001$75,000

34% $75,001$10,000,000

35% over$10,000,000

Additionalsurtax:

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

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