During the past year, Albert Corporation had sales of $5 million, cost of goods sold of $2.7 million, operating expense of $1.3 million, and interest expense of $0.5 million. During the year Albert paid a preferred stock dividend of $100,000 paid a common stock dividend of $150,000 and paid off debt of $2.3 million. What was Albert's taxable income? [1 point] 2. ANS: Sales Cost of goods sold Gross profit margin Operating expenses Earnings before interest and taxes Interest expense Earnings before tax (taxable income)