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Oldham Inc. conducts business in State M and State N, which both use the UDITPA...

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Accounting

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Oldham Inc. conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.00 percent, and State N's corporate tax rate is 7.50 percent. This year, Oldham had the following sales, payroll, and property (n thousands of dollars) in each state: State M State NTotal Gross receipts from sales Payroll expense Property conts $12,100 3,600 3,500 $ 3,800 $8,300 1,600 1,700 2,000 1, 800 If Oldham's before-tax income was $3.8 million, compute its State M and State N tax. (Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Enter your answers in dollars and not in millions or thousands of dollars State M State N Total taxable income subject to apportionment State taxable income Tax rate State tax

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