I have submitted this question twice. None of the experts gave me the correct answer. this time i have attached solution strategy and provide the right answer.

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(Computing income taxes) Sales for L. B. Menielle Inc. during the past year amounted to $5.03 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were $3 05 million. Operating expenses totaled $1.13 million. The interest income from the secunties owned was $20,000. The firm's interest expense was $96,000 Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, EEB The corporation's tax labiltyasO Rond to the nearest dol. ) Data Table Corporate Tax Rates 15% 25% 34% 35% Additional surtax * 5% on income between $100,000 and $335,000 * 3% on income between $15,000,000 and $18,333,333 $0- $50,000 $50,001-S75,000 $75,001 $10,000,000 over $10,000,000 (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet) PrintDone STEP 1: FORMULATE A SOLUTION STRATEGY First, compute the taxable income by using the following equation: Taxable income operating income + interest income-interest expense where the operating income is equal to Operating income gross profit- operating expenses Then, calculate the corporation's tax liability by using the corporate tax rate structure in the popup window. Note that the tax rates shown in the table are defined as the marginal tax rates, or rates applicable to the next dollar of income