(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 $3.2 million. The combined cost of goods sold and the operating expenses were $2.2 million Also, $414,000 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 $98 per share its initial cost was 581 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $54,000 the cost was $36,000 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) Calculate the taxable dividend income The table dividend income is $. (Round to the nearest dollar) Calculate the short-term capital gain The short-term capital gainis S. (Round to the nearest dollar) Calculate the long-term capital gain The long term capital gain is $(Round to the nearest dolar) 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 $(Round to the nearest dotar) Corporate Tax Rates 15% $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.) 1 al Print Done (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 $3.2 million. The combined cost of goods sold and the operating expenses were $2.2 million Also, $414,000 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 $98 per share its initial cost was 581 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $54,000 the cost was $36,000 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) Calculate the taxable dividend income The table dividend income is $. (Round to the nearest dollar) Calculate the short-term capital gain The short-term capital gainis S. (Round to the nearest dollar) Calculate the long-term capital gain The long term capital gain is $(Round to the nearest dolar) 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 $(Round to the nearest dotar) Corporate Tax Rates 15% $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.) 1 al Print Done