Subject: accounting Oldham, Incorporated conducts business in State M and State N, which both use the UDITPA three-factor formula toapportion income. State M's corporate tax rate is 4.00 percent, and State N's corporate tax rate is 7.50 percent. This year,Oldham had the following sales, payroll, and property (in thousands of dollars) in each state:Gross receipts from sales.Payroll expenseProperty costs.State M$4,1001,9002,000Total taxable income subject to apportionmentApportionment percentageState taxable incomeTax rateState taxState N$ 8,6002,3002,100Required:If Oldham's before-tax income was $4.1 million, compute its State M and State N tax.Note: Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionmentpercentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter youranswers in dollars and not in millions or thousands of dollars.Total$ 12,7004,2004,100State MState N

Each state has its own tax laws and rates, and some states do not levy certain types of taxes. It is…

Oldham, Incorporated conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.00 percent, and State N's corporate tax rate is 7.50 percent. This y Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: Gross receipts from sales Payroll expense Property costs State M $ 4,100 1,900 2,000 State N $ 8,600 2,300 2,100 Total $ 12,700 4,200 4,100 Required: If Oldham's before-tax income was $4.1 million, compute its State M and State N tax. Note: Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter your