(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 $3.7 million. The combined cost of goods sold and the operating expenses were $2.3 million. Also, $411,000 in interest expense was paid during the year. The firm received $5,500 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 $99 per share; its initial cost was $80 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $55,000; the cost was $43,000. Calculate 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.) Data table (Click on the following icon in order to copy its contents into a spreadsheet.)