Oakdale Fashions, Incorporated's, income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Incorporated, Income Statement Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes $ 635,000 243,000 $ 392,000 118,000 $ 274,000 17,800 $ 256,200 87,000 $ 169,200 Net income Determine the firm's tax liability. Tax liability Determine the firm's net income. Net income $ Determine the firm's marginal tax rate. Marginal tax rate %