Sales for L. B. Menielle Inc. during the past year amounted to $5 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were $3 million. Operating expenses totaled $1 million. The interest and dividend income from the securities it owned were $20,000 and $25,000, respectively. The firm’s interest expense was $100,000. The firm sold securities on two occasions during the year, receiving a gain of $40,000 on the first sale but losing $50,000 on the second. The stock sold first had been owned for 4 years; the stock sold second had been purchased 3 months before the sale. Compute the corporation’s tax liability. ***Must show the necessary steps and explain how your attained that outcome.