7. Last year, Davis Company had $1,000,000 in taxable income from its operations, 520,000 in interest income, and $300,000 in dividend Income. Using the corporate tax rate table given below, what was the company's tax liability for the yeart (hint 70of dividende received are is excluded from taxable income and for total taxable income, when calculating the corporate tax amount, you should sum all the income up except 70% of dividends received) Taxable income Tax on Base Bracket Percentage on Excess above Base $0-$50,000 550,000-$75,000 7,500 $75,000-$100,000 13,750 $100,000-5335,000 22,250 $335,000-$10,000,000 113,900 $10,000,000-$15,000,000 3,400,000 SI5,000,000-$18.333.3335 3,150,000 Over $18.333.333 6,416,467 15% 51773735103.340. SIRO 4.537140.5377.000 2450 3,175