tax rate 20%

Last year, Coventry Corporation had sales of $38 million, costs of goods sold of $16 million and operating expenses of $4,500,000. In addition, the firm paid 5% interest on $40 million in outstanding bonds. The firm received $100,000 in dividend income from its common stock investments. Also, Coventry 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? O $3,265,500 O $3,475,500 O $3,675,000 O $3,685,500 $3,276,000 Hampton Corporation last year had sales of $2 million, costs of goods sold of $850,000, operating expenses of $450,000. Hampton has $5 million in 7.5% bonds outstanding. Also, Hampton sold securities twice during the year, receiving a capital gain of $30,000 on the first sale, but losing $50,000 on the second. The stocks sold had been purchased by Hampton five years ago. Compute the corporation's tax liability. O $57,750 O $147,000 O $74,550 $68,250 O $64,050