Problem 13-04 (Algo) [LO 13-3]. Oldham Incorporated conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.00 percent, and State N's corporate tax rate is 7.50 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state Gross receipts from sales Payroll expense Property costs Required: State M State N $8,000 Total $11,500 1,700 1,500 $3,500 1,300 1,400 3,000 2,900 If Oldham's before-tax income was $3.5 million, compute its State M and State N tax (Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter your answers in dollars and not in millions or thousands of dollars.) Total taxable income subject to apportionment Apportionment percentage State taxable income Tax rate State tax State M State N