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Reliable Corporation had sales of $38,380,157, costs of goods sold of $17,039,263 and operating expenses of $7,500,000. In addition, the firm paid 5% interest
Reliable Corporation had sales of $38,380,157, costs of goods sold of $17,039,263 and operating expenses of $7,500,000. In addition, the firm paid 5% interest on $40,000,000 in outstanding bonds. The firm received $108,577 in dividend income from its common stock investments. Also, Reliable decided to sell land for $2,000,000 that it had purchased for $1,000,000 ten years earlier. What was 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.
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