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Please provide a step-by-step procedure. Thank you. (Computing income taxes) Sales for L. B. Menielle Inc. during the past year amounted to $5.19 million. The

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Please provide a step-by-step procedure. Thank you.

(Computing income taxes) Sales for L. B. Menielle Inc. during the past year amounted to $5.19 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were $3.18 million. Operating expenses totaled $1.11 million. The interest income from the securities owned was $18,000. The firm's interest expense was $103,000. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, . The corporation's tax liability is $ . (Round to the nearest dollar.)

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