Oldham Inc. conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.5 percent, and State N's corporate tax rate is 7 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: Gross receipts from sales Payroll expense Property costs State M $3,000 800 900 State N $7,500 1,200 1,000 Total $10,500 2,000 1,900 Oldham's before-tax income was $3 million. Compute Oldham's State M and State N tax if State N uses an apportionment formula in which the sales factor is double-weighted. (Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Enter your answers in dollars and not in millions or thousands of dollars.) Answer is complete but not entirely correct. $ Total taxable income subject to apportionment Apportionment percentage State taxable income State N 3,000,000 0.6135 X State M 3,000,000 $ 0.3865 1,159,500 $ 0.045 52,178 $ $ Tax rate 1,840,500 0.07 128,835 State tax $