Question Help Corporate income tax) Last year Sanderson, Inc. had sales of $3.1 milion. The firm's cost of goods sold came to $2.1 milion, its operating expenses excluding depreciation of $99.000 were $400,000, and the firm paid $155.000 in interest on its bank loans. Also, the corporation received 553,000 in dividend income from a company in which is owned less than 20 percent of its shares) but paid $30,000 in the form of dividends to its own common stockholders. Use the corporate tax rates ap shown in the popup wndon m to calculate the corporation's tax liability. What are the firm's average and marginal tax rates? 2 The fom's tax liability for the year in Round to the nearest dolar) 31 SC Homework: Chapter 3 Homework Score: 0 of 1 pt 3 of 8 (0 complete HW Score: 0%, 0 of P3-5 (similar to) Question Help (Corporate Income tax) Last year Sanderson, Inc. had sales of $3,1 million. The firm's cost of goods sold came to $2.1 million, its operating expenses excluding depreciation of $99.000 were $409,000, and the firm paid $155,000 in interest on its bank loans. Also, the corporation received $53,000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $30,000 in the form of dividends to its own common stockholders. Use the corporate tax rate shown in the popup window, foto galculate the state tax labiiy. What are the firm's average and marginal tax rates2 The firm's tax tably for the year in Data Table Taxable income Marginal Tax Rate 50 - 550.000 15% $50,001 - 575.000 25% $75,001 - 5100,000 34% $100,001 - $335.000 30% $335.001 - 510,000,000 34% $10,000,001 - $15,000,000 35% $15,000,001 - 518,333,333 38% Over $18.333333 35% Print Done Enter your answer in the answer box and then click Check