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ration had taxable operating income of $360,000 (1.e., earnings from operati osts). Talley also had (1) interest charges of $60,000, (2) dividends received of $5 ,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Rec e tax exempt. e firm's taxable income? Round your answer to the nearest dollar. 2,500 e tax expense? Round your answers to the nearest dollar.

ration had taxable operating income of $360,000 (1.e., earnings from operati osts). Talley also had (1) interest charges of $60,000, (2) dividends received of $5 ,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Rec e tax exempt. e firm's taxable income? Round your answer to the nearest dollar. 2,500 e tax expense? Round your answers to the nearest dollar.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Corporate Tax Liability The Talley Corporation had taxable operating income of $360,000 (i.e., earnings from operating revenu operating costs). Talley also had (1) interest charges of $60,000, (2) dividends received of $5,000, and paid of $20,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 5 received are tax exempt. What is the firm's taxable income? Round your answer to the nearest dollar. $ 302,500 What is the tax expense? Round your answers to the nearest dollar. S 63,525 What is the after-tax income? Round your answers to the nearest dollar. * 238,976
Transcribed Image Text:Corporate Tax Liability The Talley Corporation had taxable operating income of $360,000 (i.e., earnings from operating revenu operating costs). Talley also had (1) interest charges of $60,000, (2) dividends received of $5,000, and paid of $20,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 5 received are tax exempt. What is the firm's taxable income? Round your answer to the nearest dollar. $ 302,500 What is the tax expense? Round your answers to the nearest dollar. S 63,525 What is the after-tax income? Round your answers to the nearest dollar. * 238,976
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