1. Last year, Pence Inc had sales of $1.1 million. Costs other than depreciation and interest expense were 46% of sales. Depreciation was $83,000, interest income was $21,000, interest expense was $63.000, dividends received were $31,000, and dividends paid were $110,000. Which of the following statements is most CORRECT? (Use the corporate tax table. The firm owned 25% of the dividend-paying corporation.) (Use OLD RULES) Vino a. The firm's operating income was $502.000. 00 b. The firm's tax for the year was $124,168. Wollof 22 alus c. The firm's taxable income was $478,300. d. The firm's tax for the year was $161,568. e. None of the above. 1. Last year, Pence Inc had sales of $1.1 million. Costs other than depreciation and interest expense were 46% of sales. Depreciation was $83,000, interest income was $21,000, interest expense was $63.000, dividends received were $31,000, and dividends paid were $110,000. Which of the following statements is most CORRECT? (Use the corporate tax table. The firm owned 25% of the dividend-paying corporation.) (Use OLD RULES) Vino a. The firm's operating income was $502.000. 00 b. The firm's tax for the year was $124,168. Wollof 22 alus c. The firm's taxable income was $478,300. d. The firm's tax for the year was $161,568. e. None of the above