Calculate the corporations tax liability

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Reference no: EM131010432

Sales for L.B. Merielle Inc. during the past year announced to 5.05 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were 3.05 million. Operating expenses totaled 1.12 million. The interest income from the securities it owned was 22,000. The firms’ interest expense was 98,000. Calculate the corporation’s tax liability.

Reference no: EM131010432

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