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( Corporate income tax ) Sales for J . P . Hulett Inc. during the past year amounted to $ 3 . 8 million. The

(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $3.8 million. The firm supplies statistical information to engineering companies. Gross profits totaled $1.12 million, and operating and depreciation expenses were $494,000 and $355,000, respectively. Dividend income for the year was $12,500. Compute the corporation's tax liability by using the corporate tax rate structure in the popup window,
Calculate the operating profits.
The operating profits are $ (Round to the nearest dollar.)
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