quesiton 4

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cooperate tax rate 21%

Burton Corporation last year had sales of $2 million, costs of goods sold of $850,000, operating expenses of $450,000. The firm has $5 million in 7.5% bonds outstanding. Also, the firm sold securities twice during the year, receiving a capital gain of $30,000 on the first sale, but losing $50,000 on the second. The stocks sold had been purchased by the company five years ago. Compute the corporation's tax liability. $147.000 $74,550 $57,750 $64,050 $68,250