The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes...
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The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, Shoe Market received $5,000 of corporate bond interest and $6,000 interest on State of California bonds. It paid $512,000 in salaries and had $552,000 of other operating expenses. What is Shoe Markets taxable income? What is its income tax liability?
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