In tax year 1, ACME corporation, an electronics packaging firm, had gross income of $26,000,000, $4,000,000 in salaries, $5,000,000 in wages, $900,000 depreciation expenses, a loan principal payment of $200,000, and a loan interest payment of $150,000. Determine the net income of the company in tax year 1. The ACME corporation has the following financial information for a typical operating year. Determine the combined marginal tax rate using this financial information. Provide your answer as a percentage rounded to two decimal place. Gross revenue = 5, 800,000 Cost of goods sold = 2, 950,000 Operating costs = 580,000 Federal texas = 313000 State taxes = 194, 670 Your company has just purchased a lathe for $27, 750. The lathe has a useful life of 10 years although it follows a 7 year MACRS depreciation schedule. The lathe has a $12,000 salvage value at the end of its useful life. What are the net proceeds from the sale of the lathe in year 3? Assume that ordinary and capital gains are taxed at a rate or 32%