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.

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 million. The combined cost of goods sold and the operating expenses were $2.1 million. Also, $400,000 in interest expense was paid during the year. Calculate the corporation's tax liability.