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Last year Sanderson, Inc. had sales of $ 3 . 1 million. The firm's cost of goods sold came to $ 2 . 0 million,

Last year Sanderson, Inc. had sales of
$3.1
million. The firm's cost of goods sold came to
$2.0
million, its operating expenses excluding depreciation of
$102,000
were
$406,000,
and the firm paid
$150,000
in interest on its bank loans. Also, the corporation received
$55,000
in dividend income (from a company in which it owned less than
20
percent of its shares) but paid
$28,000
in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window,
LOADING...
,
to calculate the corporation's tax liability. What are the firm's average and marginal tax rates?

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