Exercise 25-12 (Algorithmic) (LO. 5) Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $288,400 at the end of its 2021 tax year. Of this amount, $173,040 was distributed in 2022, and $115,360 was distributed during the first quarter of 2023. The IRS mailed a deficiency notice to Rejoice on August 1, 2024, relating to the entity's undistributed income. If amount is zero, enter "0". a. The initial tax on the 2021 undistributed taxable income for 2022 is $ 34,596 X and for 2023 is $ 115,320 X. b. Select from the choices below which one properly expresses the 2022 tax computation as a Microsoft Excel formula. Use the variable names "2022TAX" for the final tax amount, "21UNDISTRIB" for 2021 undistributed income, and "22DISTRIB" for 2022 distributed income. 2022TAX=MAX(0,(21UNDISTRIB-22DISTRIB))*.3

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