Question 2

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Burton Corporation had sales of $61,306,701, cost of goods sold of $24,328,374, operating expenses of $14,500,000 and depreciation of $3,669,576. The firm received $112,919 in dividend income and paid 8% interest on $15,000,000 in outstanding bonds. Also, Burton sold stock during the year, receiving a $120,000 gain on stock owned 4 years, but losing $160,000 on stock owned 6 years. What is the firm's tax payment? SET YOUR CALCULATOR TO 4 DECIMAL PLACES THEN ROUND TO THE NEAREST WHOLE NUMBER AT THE END. DO NOT ENTER THE $ SIGN SYMBOL..i.e. if your answer is 1,000,000 enter it as 1,000,000