(Corporate income tax) 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 $3.4 million. The combined cost of goods sold and the operating expenses were $2.4 million. Also, $402,000 in interest expense was paid during the year. The firm received $6,100 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 98 per share; its initial cost was $75 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $60,000; the cost was $36,000. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, Calculate the operating profits. The operating profits are $ (Round to the nearest dollar.) (Corporate income tax) 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 $3.4 million. The combined cost of goods sold and the operating expenses were $2.4 million. Also, $402,000 in interest expense was paid during the year. The firm received $6,100 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 98 per share; its initial cost was $75 per share. The company also sold land that had been recently purchased and had been held for only 4 months. The selling price was $60,000; the cost was $36,000. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, Calculate the operating profits. The operating profits are $ (Round to the nearest dollar.)