Last year Sanderson, Inc. had sales of

$3.7

million. The firm's cost of goods sold came to

$2.3

million, its operating expenses excluding depreciation of

$98,000

were

$400,000,

and the firm paid

$145,000

in interest on its bank loans. Also, the corporation received

$54,000

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,

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,

to calculate the corporation's tax liability. What are the firm's average and marginal tax rates?