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last year, western corp. had sales of $5 million, cost of goods sold of $3 million,...

last year, western corp. had sales of $5 million, cost of goods sold of $3 million, operating expenses of $175,000 and depreciation of $125,000. The firm received $40,000 in dividend income and oaid $200,000 in interest on loans. Also, western sold stock during the year, receiving a $40,000 gain on stock owned 6 years, but losing $60,000 on stock owned 4 years. what is the firm's tax payment? the tax rate is 21%

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Answer #1

Based on the given data, pls find below the Income Statement with stepwise calculations:

Answer: Tha Tax expense is $ 319200

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