Pearls,Inc.had sales in 1993 of $2.1 million.The common stockholders received $400,000 in cash dividends and preferred stockholders were paid $200,000.Interest totaling $150,000 was paid on outstanding debts.Operating expenses totaled $300,000,and cost of goods sold was $500,000.Stock that had been purchased for $50,000 in 1987 was sold for $70,000.What is the tax liability of Pearls,Inc.?

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The Answer of Pearls,Inc.had sales in 1993 of $2.1 million.The common stockholders received $400,000 in cash dividends and preferred stockholders were paid $200,000.Interest totaling $150,000 was paid on outstanding debts.Operating expenses totaled $300,000,and cost of goods sold was $500,000.Stock that had been purchased for $50,000 in 1987 was sold for $70,000.What is the tax liability of Pearls,Inc.?