The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year the company generated sales of $3.3 million. The combined cost of goods sold and the operating expenses were $2.5 million. Also,$403,000 in interest expense was paid during the year. The firm received $6,000 during the year in dividend income from 1,000 shares of common stock that had been purchased 3 years previously. However, the stock was sold toward the end of the year for $99 per share; its initial cost was $76 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $57,000; the cost was $40,000. Calculate the corporation's tax liability by using the corporate tax rate structure

Please explain calculations

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