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The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.06 million,...

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Finance

The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.06 million, with the cost of goods sold equal to $610,000. The firm paid interest of $245,250 and its cash operating expenses were $104,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $12,000 in dividends to its stockholders. Depreciation expense was $49,000. Use the corporate tax rates to compute the firm's tax liability. What are the firm's average and marginal tax rates?

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