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Thornton, Inc

Accounting

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Thornton, Inc., had taxable income of $128,267 for the year. The company's marginal tax rate was 35 percent and its average tax rate was 24 percent. How much did the company have to pay in taxes for the year?

Multiple Choice

• $29,197
• $29,541
• $27,839
• $30,784
• $44,893