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(Corporate income tax) The Willam B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year the company generated sales of $3.5 million. The combined cost of goods sold and the operating expenses were $2.1 million. Also, $389,000 in interest expense was paid during the year. The firm received $5,800 during the yoar in dividend income from 1,000 shares of oommon stock that had been purchased 3 years previously. However, the stock was sold toward the end of the year for $98 per share; its initial post was $83 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $55,000; the cost was $42,000. Calculate the corporation's tax fability by using the corporate tax rate structure in the popup window, Caloulnte the operating profits. The operating profits are 5 (Round to the nearest dollar.) Click on the following icon in order to copy its contents into a spreadsheet.)