Redmond Corporation reports the following results for the current year: (Click on the icon to view the results for the current year.) Requirement What are Redmond's taxable income and income tax liability? Begin by computing Redmond's taxable income before special deductions, then calculate the taxable income. (Enter the special deductions in the specific sequence dictated by the tax rules.) Gross income Minus: Taxable income before special deductions Minus: Taxable income Now, compute Redmond's income tax liability. (Round your answer to the nearest whole dollar.) Redmond's income tax liability is Data Table - $ 85,000 Gross profits on sales Short-term capital gain 55,000 Long-term capital gain Dividends from 25%-owned domestic corporation NOL carryover from the preceding tax year 55,000 45,000 Choose from a 11,000 Operating expenses 90,000 Redmond Corporation reports the following results for the current year: (Click on the icon to view the results for the current year.) Requirement What are Redmond's taxable income and income tax liability? Begin by computing Redmond's taxable income before special deductions, then calculate the taxable income. (Enter the special deductions in the specific sequence dictated by the tax rules.) Gross income Minus: Taxable income before special deductions Minus: Taxable income Now, compute Redmond's income tax liability. (Round your answer to the nearest whole dollar.) Redmond's income tax liability is Data Table - $ 85,000 Gross profits on sales Short-term capital gain 55,000 Long-term capital gain Dividends from 25%-owned domestic corporation NOL carryover from the preceding tax year 55,000 45,000 Choose from a 11,000 Operating expenses 90,000