Problem $2-6$ Corporate Taxes $($LG$2-3)$

Oakdale Fashions, Incorporated's, Income statement is reported below. $($Use corporate tax rate of $21$ percent for your calculations.$)$

Determine the firm's tax llability.

Answer is complete but not entirely correct.

Determine the firm's net Income.

Answer is complete but not entirely correct.

Determine the firm's average tax rate.

Answer is complete and correct.

Determine the firm's marginal tax rate.

Answer is complete and correct.