2. (20 pts) In 2017 and 2018, your company remarkably reported identical sales ($48.5 Million), depreciation expenses ($6.2 Million), cost of revenue ($30.3 Million), and O&M expenses ($4.7 Million). In each year, the company also acquired capital assets worth $4 Million. A) Determine the company's taxable income for 2017 & 2018. b) Using the Pre-2018 tax rate table below, determine the 2017 federal tax owed. c) Determine the 2018 federal tax owed under the flat 21% corporate tax rate and the tax savings between 2018 and 2017. Taxable Income (X) SO-550,000 Tax Rate 15% 25% 34% 34% + 5% 50.001-75.000 75.001-100,000 100,001335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 18,333,334 and up Tax Computation Formula SO + 0.15X 7,500 + 0.25(X - $50,000) 13,750 + 0.34(X - 75,000) 22,250 + 0.39(X - 100,000) 113,900 + 0.34(X - 335.000) 3,400,000 + 0.35(X - 10,000,000) 5.150,000 + 0.38(X - 15,000,000) 6,416,666 + 0.35(X - 18,333,333) 34% 35% 35% + 3% 35%