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Exercise 24-22 (a) (LO.5) Michaelmast Corporation realized $1,200,000 of taxable income from the sales of its products in States A and B. Michaelmast's activities in
Exercise 24-22 (a) (LO.5) Michaelmast Corporation realized $1,200,000 of taxable income from the sales of its products in States A and B. Michaelmast's activities in both states establish nexus for income tax purposes. Michaelmast's sales, payroll, and property in the states include the following: Total State B $810,000 Sales State A $2,500,000 $3,600,000 $1,900,000 Property Payroll $3,310,000 $3,600,000 $1,900,000 $0 State B uses an equally weighted three-factor apportionment formula. In your computations, round any division to four decimal places before converting to a percentage and use rounded amounts in subsequent computations. If required, round your final answer to the nearest dollar. How much of Michaelmast's taxable income is apportioned to State B
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