Homework: Homework 1 Score: 0 of 1 pt Bonus Question 3-3 (static) 5 of 10 (4 complete) Save HW Score: 40%, 4 of 10 pts Question Help * (Corporate income tax) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business During the most recent year the company generated sales of $3.4 million. The combined cost of goods sold and the operating expenses were $2.3 million. Also, $406,000 in interest expense was paid during the year. The firm received $6,300 during the year in dividend income from 1,000 shares of common stock that had been purchased 3 years previously. However, the stock was sold toward the end of the year for $102 per share, its initial cost was $85 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $53,000, the cost was $41.000. Calculate the corporation's tax lability by using the corporate tax rate structure in the popup window, Calculate the operating profits. The operating profits are $ (Round to the nearest dollar) to