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?