Question: I need step by step solution for this problem! The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used

I need step by step solution for this problem!

The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of $3.09million. The combined cost of goods sold and the operating expenses were $2.02million. Also, $404,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window.

Corporate Tax Rates
15%
$0long dash$50,000
25%
$50,001long dash$75,000
34%
$75,001long dash$10,000,000
35%
over $10,000,000
Additional surtax:
bullet
5% on income between $100,000 and $335,000
bullet
3% on income between $15,000,000 and $18,333,333

What is Tax liability?

I calculated and got $220699 and it is wrong.

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