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Last year, Coventry Corporation had sales of $38 million, costs of goods sold of $16 million and operating expenses of $4,500,000. In addition, the firm

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Last year, Coventry Corporation had sales of $38 million, costs of goods sold of $16 million and operating expenses of $4,500,000. In addition, the firm paid 5% interest on $40 million in outstanding bonds. The firm received $100,000 in dividend income from its common stock investments. Also, Coventry decided to sell land for $2,000,000 that it had purchased for $1,000,000 ten years earlier. What was the firm's tax payment? $3,475,500 B $3,276,000 $3,685,500 O $3,675.000 $3,265,500 Hampton Corporation had sales of $1,855,000 last year. The firm's costs of goods sold amounted to 70% of sales. Hampton also paid operating expenses of $225,000, and $26,500 in interest expense. Also, the firm received $40,000 in dividend income and experienced a $10,000 capital loss on the sale of property. Compute the corporation's tax payment. O $64,050 O $59,850 O $68,250 O $66,150

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