Need answer the financial accounting question Orion Industries reported the following information from their financial statements:.Operating income (EBIT) = $12,000,000•Interest payments on long-term debt = $2,000,000.Dividend income = $1,200,000Corporate Tax Schedule:Taxable Income Bracket ($) Tax on Base of Bracket ($) Percentage on Excess above Base (%)$0-$50.000$015%$50,000 $75,000$7,50025%$75,000 $100,000$13,75034%$100,000 $335,000$22,25039%$335,000 $10,000,000$113,90034%$10,000,000 $15,000,000$3,400,00035%$15,000,000 $18,333,333$5,150,00038%Over $18,333,333$6.416,66735%Assume 70% dividend exclusion for tax on dividends.Calculate Orion Industries' total tax liability.a. $3,924,500b. $3,526,000c. $3,480,450d. $3,290.400e. $3,210,300

Step 1: Define Total Tax LiabilityThe Total Tax Liability is the total amount of corporate taxes…

Answered: Orion Industries reported the following…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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