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(Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm...

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(Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used toucks and is actively invollved in the parts business. During the most recent year, the company generated sales of $3.17 million. The combined cost of goods sold and the operating expenses were $2.04 million. Also, $419,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window 1, (Round to the nearest dollar.) The corporation's tax liability is $ 1: Data Table Corporate Tax Rates $0-$50,000 15% $50,001-$75,000 25% $75,001-$10,000,000 over $10,000,000 34% 35% Additional surtax: 5% on income between $100,000 and $335,000 3% on income between $15,000,000 and $18,333,333 (Click on the icon located on the top-right comer of the data table above in order to copy its contents into a spreadsheet.)

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