The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000.

The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds. It paid $512,000 in salaries and had $542,000 of other operating expenses. What is Shoe Market’s taxable income? What is its income tax liability?