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22 10 points Return to question Oldham Inc. conducts business in State M and State N, which both use the UDITPA threefactor formula to apportion income. State MS corporate tax rate is 4.5 percent, and State N's corporate tax rate is 7 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: State K State N Total Gross receipt: from sales $3,000 $7,500 $10,500 Payroll expense 800 1,200 2,000 Property costs 900 1,000 1,900 ' Required: Oldham's before-tax income was $3 million. Compute Oldham's State M and State N tax if State N uses an apportionment formula in which the sales factor is double-weighted. (Round all apportionment factors to 4 decimal places. e.g.. 47.15% would be 0.4715. Enter 'npportionrnent percentage" and "Tax rate" in decimals and not In percentage. Enter your answers In dollars and not In millions or thousands of dollars.) 6 Answer Is complete but not entirely correct. Total taxable income subject to apportionment $ 3,200,000 a $ 32,000,000 0 Apportionment percentage 39.6200 9 60.3800 0 State taxable income $ 12E,T34,000 $ 1,932,160,000 mo