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Last year, your company had sales of $2.4 million. The firm's costs of goods sold amounted to 34% of sales. The firm also paid cash operating expenses of $1, 200,000, and had $80, 500 in depreciation expense.
The firm had $450,000 in 9% coupon bonds outstanding and paid $25,000 in dividends to its common stockholders.
Also, the firm received $40,000 in dividend income from its holdings of other common stocks. Compute the corporation's tax liability.