You have the following information from 2020 and are looking to forecast 2021. In 2021 you expect sales to be equal to $11 million. Using the "Percent-of-Sales" model, what is the expected taxes you'll pay assuming no increase in debt?

Account	2020 Information
Costs (excluding Depreciation)	74% of Sales
Depreciation	6% of Sales
Cost of Debt	7%
Debt	$20 million
Taxes	3% of Sales
Tax rate	35%

		$310,000
		$330,000
		$350,000
		$280,000