(Corporate income tax) 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 $3.6 million. The combined cost of goods sold and the operating expenses were $2.1 million. Also, S407,000 in interest expense was paid during the year. The firm received $6,300 during the year in dividend income from 1,000 shares of common stock that had been purchased 3 years previously. However, the stock was sold toward the end of the year for $102 per share: its initial cost was $83 per share. The company also sold land that had been recently purchased and had been held for only 4 months The selling price was $50,000: the cost was $42,000. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, - X Data Table Calculate the operating profits. The operating profits are s. (Round to the nearest dollar.) Calculate the taxable dividend income. The txable dividend income is $. (Round to the nearest dollar.) Calculate the short-term capital gain. gain is $. (Round to the nearest dollar.) The short-term cao Calculate the long-term capital gain. Corporate Tax Rates 1596 $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.) The long-term capital gain is $. (Round to the nearest dollar.) Calculate the taxable ordinary income. The taxable ordinary income is $. (Round to the nearest dollar.) Calculate the total tax due. The total tax due is s. Print Done (Round to the nearest dollar.)