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(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.09 million, with the cost of goods sold equal
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.09 million, with the cost of goods sold equal to $660,000. The firm paid interest of $223,250 and its cash operating expenses were $104,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $15,000 in dividends to its stockholders. Depreciation expense was $48,000. Use the corporate tax rates shown in the popup window, , to compute the firm's tax liability. What are the firm's average and marginal tax rates? The Robbins Corporation's tax liability for the year is $ (Round to the nearest dollar.) Data table
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