(Solved): 7. New Madrid Corporation has sales of $2,400,000 in its first year of business. Over this year ...

7. New Madrid Corporation has sales of $2,400,000 in its first year of business. Over this year variable costs of goods sold were 30% of sales. Fixed cost of goods sold were $200,000. Selling and administrative cost were $480,000 and taxes were 30% of pretax income. Please calculate New Madrid Corporation’s after-tax income.