(Solved): Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of goods sold came to ...

Last year? Sanderson, Inc. had sales of $3.9 million. The? firm's cost of goods sold came to ?$2.7 million, its operating expenses excluding depreciation of $97,000 were $395,000, and the firm paid $152,000 in interest on its bank loans. ? Also, the corporation received $55,000 in dividend income? (from a company in which it owned less than 20 percent of its? shares) but paid $28,000 in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup? window to:

1. calculate the? corporation's tax liability

2. What are the? firm's average and marginal tax? rates?

firm's average and marginal tax rates? \begin{tabular}{l|l} Taxable Income & Marginal Tax Rate \\ \( \$ 0-\$ 50,000 \) & \( 15 \% \) \\ \hline\( \$ 50,001-\$ 75,000 \) & \( 25 \% \) \\ \hline\( \$ 75,001-\$ 100,000 \) & \( 34 \% \) \\ \hline\( \$ 100,001-\$ 335,000 \) & \( 39 \% \) \\ \hline\( \$ 335,001-\$ 10,000,000 \) & \( 34 \% \) \\ \hline\( \$ 10,000,001-\$ 15,000,000 \) & \( 35 \% \) \\ \hline\( \$ 15,000,001-\$ 18,333,333 \) & \( 38 \% \) \\ \hline Over \( \$ 18,333,333 \) & \( 35 \% \) \\ \hline \end{tabular}