Sanderson Inc. sells minicomputers. During the past year the companys sales were $3.07 million. The cost of its merchandise sold came to $1.87 million, and cash operating expenses were $340,000; depreciation expense was $93,000 and the firm paid $148,000 in interest on its bank loans. Also the corporation paid $28,000 in the form of dividends to its own common stockholders. Calculate the corporations tax liability by using the corporate tax rate structure below.

Corporate Tax Rates:

15% $0-$50,000

25% $50,001-$75,000

34% $75,001-$10,000,000

35% Over $10,000,000

Additional surtax:

5% on income between $100,000 and $335,000

3% on income between $15,000,000 and $18,333,333