tax rate 21%

Arrowhead Corporation had sales of $7 million last year. Costs of goods sold and operating expenses amounted to 60% of sales. Interest expense amounted to $160,000. Also, the firm sold 30,000 shares of JRAC Company common stock for $16 a share. Arrowhead had purchased these shares two years ago for $11 a share. Also, the firm received $50,000 in dividend income for the year. Calculate the firm's tax liability. O $554,400 O $585,900 $591,150 O $596,400 $588,000