Reliable Corporation had sales of $16 million, cost of goods sold of $7 million, cash operating expenses of $3,500,000 and depreciation of $1,250,000. The firm paid $800,000 in interest on loans. Also, the firm sold property during the year for a capital gain of $200,000, but had a capital loss of $300,000 on stock owned 5 years. What was the firm's tax payment?

A. $892,500

B. $661,500

C. $766,500

D. $703,500

E. $724,500