Francine Delgado has developed a business plan for producing and selling a new hair care product that emits nutrients to the scalp when used. The product residues have been judged to be environmentally safe. Following are her projected partial financial statements for the first three years of operation of HairCare Products Company. Francine, however, is unsure whether to organize her business as a proprietorship or a regular corporation.

Use the tax rate schedules presented in this chapter (Slide 24 on CH3, assuming the 2021 rates apply for all 3 years) to estimate the dollar amount of taxes that would have to be paid in each year by HairCare Products Company if the venture is initially formed as a corporation. Also calculate the after-tax net income for each year.