24. Company has Operating income of $550,000. The company had the following additional cash flows to consider: The company sold asset for a profit of $60,000. Paid interest to investors = $50,000 Received interest from another investment = $20,000 Paid common stock dividends to investors = $50,000 Received dividends from investment in another company's stock=$20,000 Paid preferred stock dividends to investors = $20,000 What is the tax liability (refer to the tax table at the end of the test)? a. $199,240 b. $225,500 c. $187,000 d. $212,500 . A TABLE 2A.1 2013 Corporate Tax Rates Marginal Tax Rate Taxable Income Up to $50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10,000,000 $10,000,001-$15,000,000 $15,000,001-$18,333,333 Over $18,333,333 15% 25% 34% 39%* 34% 35% Tax Calculation Base Tax + (Marginal Tax Rate * Amount over Base Income) $ 0 + (15% x Amount over $0) $ 7,500 + (25% x Amount over $50,000) $ 13,750 + (34% x Amount over $75,000) $ 22,250 + (39% Amount over $100,000) $ 113,900 + (34% x Amount over $335,000) $3,400,000 + (35% Amount over $10,000,000) $5,150,000 + (38% Amount over $15,000,000) 35% x Taxable Income 38%** 35% *Includes additional 5% "recapture" tax under the Tax Reform Act of 1986. **Includes additional 3% "recapture" tax under the Revenue Reconciliation Act of 1993