Problem 2-7 Corporate Taxes (LG2-3) Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest- EBT Less: Taxes Net income Determine the firm's 2021 tax liability. Tax liability Determine the firm's 2021 net income. Net income $ 650,000 249,000 $ 401,000 124,000 $ 277,000 18,400 $ 258,600 88,500 $ 170, 100 $ Determine the firm's 2021 net income. Net income Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Average tax rate % Determine the firm's 2021 marginal tax rate. Marginal tax rate %