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Goodwin Enterprises had a gross profit of $2,500,000 for the year. Operating expenses and interest expense incurred in that same year were $595,000 and $362,000, respectively. Goodwin had 200,000 shares of common stock and 180,000 shares of preferred stock outstanding. Management declared a $2.50 dividend per share on the common and a $1.50 dividend per share on the preferred. Securities purchased at a cost of $37,500 in a previous year were resold at a price of $50,500. Compute the taxable income and the resulting tax liability for Goodwin Enterprises for the year.
Use the following tax rates:
Income Tax Rate0-$50,000 ...................... 15%50,001-$75,000 ............... 25%75,001-$100,000 .............. 34%$100,001-$335,000 ........... 39%Over $335,001 ................. 34%
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