Pearls, Inc. had sales in 1993 of $2.1 million. The common stockholders received $400,000 in cash dividends and preferred stockholders were paid $200,000. Interest totaling $150,000 was paid on outstanding debts. Operating expenses totaled $300,000, and cost of goods sold was $500,000. Stock that had been purchased for $50,000 in 1987 was sold for $70,000. What is the tax liability of Pearls, Inc.?