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Burton Corporation had sales of $61,891,440, cost of goods sold of $24,737,975, operating expenses of $14,500,000 and depreciation of $3,964,680 . The firm received $118,284 in dividend income and paid 8% interest on $15,000,000 in outstanding bonds. Also, Burton sold stock during the year, receiving a $120,000 gain on stock owned 4 years, but losing $160,000 on stock owned 6 years. What is the firm's tax payment?
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Burton Corporation had sales of $61,891,440, cost of goods sold of $24,737,975, operating expenses o...
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