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Please assist in the following Question: Use the corporate tax rates shown in the popup?window to calculate the?corporation's tax liability. What are the?firm's average and

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Please assist in the following Question: 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?

image text in transcribedimage text in transcribed
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.7 million. The rm's cost of goods sold came to $2.4 million, its operating expenses excluding depreciation of $99,000 were $410,000, and the rm paid $154,000 in interest on its bank loans. Also, the corporation received $49,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $20,000 in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window, E , to calculate the corporation's tax liability. What are the rm's average and marginal tax rates? The rm's tax liability for the year is $ . (Round to the nearest dollar.)

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