The following data were taken from the records of LILO
The following data were taken from the records of LILO Corporation for the year ended December 31, 2010: 
Sales ..................... 900,000
Sales returns and allowances ........... 10,000
Selling and administrative expenses ........ 170,000
Cost of goods sold ................ 510,000
The income tax rate is ............... 35%.
Income statement of LILO Corporation for the year ended December 31, 2010:

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