19,500,000 Pounds KDV-US is a multinational corporation. KDV-UK is a wholly owned subsidiary of KDV-US. On the right is some information about KDV-UK's income over the last tax year: Revenues Cost of Goods sold: Purchases Labor Costs Depreciation Other Costs 5,100,000 2,850,000 1,980,000 478,000 The UK has a value Add Tax (VAT) of 20.00%. All of KDV-UK's suppliers are from the UK. The important information in the invoices from the suppliers are given below: ABC-UK BCD-UK CDX-UK Invoice Amount 2,110,000 2,040,000 950,000 VAT paid 422,000 408,000 190,000 In addition, the providers of the services included in "Other Costs" provided the following information from their invoices: XDF-UK YDM-UK Invoice Amount 268,000 210,000 VAT paid 53,600 42,000 Assume the U.s. tax rate is 21%, the U.K. tax rate is 198. Also, assume the UK collects 15% withholding on dividends in general, but only collects 5% withholdings on dividends paid by KDV-UK to KDV-US since KDV-US wholly owns KDV-UK. Assume that KDV-UK has a dividend payout ratio of 69%. Also, assume that the exchange rate at the end of the taxable year is $1.2853 per British pound. Use an Excel spreadsheet to answer the following questions: 1) Determine the UK Value Added Tax this company has to pay in British pounds. 2) Determine the UK Ccorporate taxes the UK Subsidiary has to pay in pounds. 3) Determine the after-tax income of this subsidiary in pounds. 4) Determine the dividends in pounds being distributed before the withholding tax. 5) Determine the dividends in pounds distributed to the parent company after the withholding tax. 6) Determine the grossed up income to KDV-US from KDV-UK in pounds. grossed up income to KDV-US from KDV-UK in dollars 8) Determine the U.s. tax in dollars owed on these dividends before the foreign tax credit. 9) Determine the foreign tax credit in dollars 10) Determine the additional u.s. taxes in dollars 11) Determine the dividends the cocrporation receives from the subsidiary in dollars 12) Determine the dividends in dollars the corporation receives, net of any additional U.S. taxes