3 Format Painter Normal Bad a A- E E Merge & Center $ -% Good Explanatory... Conditional Format as Calculation Formatting Table Clipboard Check Cell Font | 5 Alignment Number Q17 X Styles A B 1 D E F G H The Moore Corporation has the follwing income statement for the year of 2016. K M 2 N 3 Corp. Taxable Income Tax At Least But Rate Tax Calculation $ 0 $ 50,000 15% .15x(income in excess of 0) 50,000 75,000 25% $ 7,500 + 25x(income in excess of 50,000) 4 The Moore Corporation: Income Statements for Year Ending December 31 5 6 Fiscal Years (FYS) 2016 7 Sales 12,000,000 8 Operating costs excluding depreciation 10,000,000 9 Depreciation 600,000 10 Earnings before interest and taxes 1,400,000 11 Interest expenses 400,000 12 Interest income 100,000 13 Dividend received from Talley Company 100,000 14 15 75.000 100,000 34% 13,750+.34x(income in excess of 75,000) 100,000 335,000 39% 22,250+.39x(income in excess of 100,000) 335,000 10,000,000 3496 113,900 +34x(income in excess of 335,000) 10,000,000 15,000,000 3.5% 3,400,000+ 35x(income in excess of 10,000,000) 16 15,000,000 18,333333 38% 5,150,000+ 38x(income in excess of 15,000,000) 35% 6,416,667 + 35x(income in excess of 18,333,333) 17 18,333,333 18 19 Note: The Moore owns 10% of Talley Company. 20 1. What are the Moore Corporation's taxable income and income tax amount(federal corporate income tax)? 21 22 23 24 25 26 27 28 29 30 2. What are the Moore Corporation's marginal and average tax rates on taxable income? 31 32 33. Marginal Tax Rate (%)? 34 35 Average Tax Rate(%)? 36 37 38 39 40 Read Me First I.BS I.NOWCOOL FCF III. Corporate Tax Liability I cash flow strnt