The Robbins Corporation is an oil wholesaler. The firm's sales last year were

$ $1\mathrm{.}05$$$1\mathrm{.}05$

million, with the cost of goods sold equal to

$ $650,000$$$650,000.$

The firm paid interest of

$ $188,500$$$188,500$

and its cash operating expenses were

$ $105,000$$$105,000.$

Also, the firm received

$ $42,000$$$42,000$

in dividend income from a firm in which the firm owned

$22\%22\%$

of the shares, while paying only

$ $10,000$$$10,000$

in dividends to its stockholders. Depreciation expense was

$ $51,000$$$51,000.$

Use the corporate tax rates shown in the popup window,

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$,$

to compute the firm's tax liability. What are the firm's average and marginal tax rates?

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Part $1$

The Robbins Corporation's tax liability for the year is

$$28,00028,000.$

$($Round to the nearest dollar.$)$