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Elgin Battery Manufacturers had sales of $1,000,000 in 2021 and their cost of goods sold is $700,000. Selling and administrative expenses were $100,000. Depreciation expense
Elgin Battery Manufacturers had sales of $1,000,000 in 2021 and their cost of goods sold is $700,000. Selling and administrative expenses were $100,000. Depreciation expense was $80,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. What is the dollar amount of taxes paid in 2021
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