(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 recent year, the company generated sales of $3.18 million. The combined cost of goods sold and the operating expenses were $2.11 million. Also, $387,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, : The corporation's tax liability is $ (Round to the nearest dollar.) - Data table Corporate Tax Rates 15% $0-$50,000 25% $50,001$75,000 34% $75,001$10,000,000 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 corner of the data table above in order to copy its contents into a spreadsheet.)