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Last year Sanderson, Inc had sales of exist3.5 million. The firm's cost of goods sold came to exist2.3 million, its operating expenses excluding depreciation of

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Last year Sanderson, Inc had sales of exist3.5 million. The firm's cost of goods sold came to exist2.3 million, its operating expenses excluding depreciation of exist96,000 were exist398,000, and the firm paid exist154,000 in interest on its bank loans. Also, the corporation received exist47,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid exist26,000 in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window, , to calculate the corporation's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is exist

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