(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 $3.08 million. The combined cost of goods sold and the operating expenses were $2.05 million. Also, $398,000 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.)