Question $3$

$1$ pts

Last year, California Sushi and S$$ch $($CSS$)$ had sales of $$65$ million. The firm's operating expenses amounted to $$20$ million and costs of goods sold totaled $$15$ million. In addition, CSS received $$80,000$ in dividend income, and paid $$300,000$ in dividends to its stockholders. CSS has $$25$ million in bonds outstanding with an annual interest payment of $9\%.$ The firm also had $$10$ million in depreciation expense, and sold land for $$3\mathrm{.}5$ million that had been purchased for $$2\mathrm{.}5$ million several years earlier. What is the firm's tax liability?

$$3,954,300$

$$4,200,000$

$$3,744,300$

$$3,735,900$

$$3,945,900$