Friday, March 14. An abbreviated income statement for the last year of operation is shown below. Using the federal tax rate schedule for corporations shown as Illustration 21-3 in the text, determine the amount of federal income tax the corporation must pay. Round the amount to the nearest dollar. The tax is due each March 15. Write a check to the Internal Revenue Service, using check #1318. ROCKY MOUNTAIN OUTDOOR PRODUCTS, INC. Income Statement, Abbreviated For the Year Ended December 31, 20XX Net sales $1,418,222 Less cost of goods sold 847,647 Gross Profit $ 570,575 Less expenses 383.264 Net income (before income taxes) $ 187,311 Illustration 21-3 Federal Tax Rate Schedule for Corporations, 2014 Tax Rate Schedule If taxable income is: Of the But not amount Over- over- Tax is: over- $O $50,000 15% $0 50,000 75,000 $7,500 + 25% 50,000 75,000 100,000 13,750 + 34% 75,000 100,000 335,000 22,250 + 39% 100,000 335,000 10,000,000 335,000 113,900 + 34% 10,000,000 15,000,000 10,000,000 3,400,000 + 35% 15,000,000 18,333,333 15,000,000 5,150,000 + 38% 35% 0 18,333,333