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Thornton, Inc., had taxable income of $130,217 for the year. The company's marginal tax rate was 35 percent and its average tax rate was 23.4

Thornton, Inc., had taxable income of $130,217 for the year. The company's marginal tax rate was 35 percent and its average tax rate was 23.4 percent. How much did the company have to pay in taxes for the year?

Multiple Choice

$28,883

$29,227

$27,525

$30,471

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