Problem 10.14 (25 points). Jackson Heating & Air Company had sales revenue of $2,250,000 from operations during tax-year 1. Here are some operating data on the company for that year: Labor expenses Materials costs Depreciation expenses Interest income on time deposit Bond interest income (nonoperating income) Interest expenses Rental expenses Proceeds from sale of old equipment $550,000 $385,000 $132,500 $6,000 $4,000 $22,200 $45,000 with a book value of $20,000 $23,000 1. 2. 3. 4. What is Jackson's taxable gains? What is Jackson's taxable income? What are Jackson's marginal and average tax rates? What is Jackson's net cash flow after tax