Question
Reliable Corporation had sales of $65,653,570. The firm's operating expenses amounted to $22,119,224 and costs of goods sold totaled $24,000,000. In addition, Reliable received $83,187
Reliable Corporation had sales of $65,653,570. The firm's operating expenses amounted to $22,119,224 and costs of goods sold totaled $24,000,000. In addition, Reliable received $83,187 in dividend income, and paid $300,000 in dividends to its stockholders. Reliable has $25,000,000 in 9% bonds outstanding. The firm also had $3,000,000 in depreciation expense, and sold land for $3,500,000 that had been purchased for $3,000,000 several years earlier. What is 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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