Andrews Corporation has income from operations of $231,000. In addition, it received interest income of $23,100 and received dividend income of $29,700 from another corporation. Finally, it paid $11,000 of interest income to its bondholders and paid $45,000 of dividends to its common stockholders. The firm's federal tax rate is 21%. What is the firm's federal income tax? Do not round intermediate calculations. Round your answer to the nearest dollar.

2018 Individual Tax Rates

Single Individuals

If Your Taxable Income Is	You Pay This Amount on the Base of the Bracket	Plus This Percentage on the Excess over the Base (Marginal Rate)		Average Tax Rate at Top of Bracket
Up to $9,525	$0	10.0	%	10.0	%
$9,525 - $38,700	952.50	12.0		11.5
$38,700 - $82,500	4,453.50	22.0		17.1
$82,500 - $157,500	14,089.50	24.0		20.4
$157,500 - $200,000	32,089.50	32.0		22.8
$200,000 - $500,000	45,689.50	35.0		30.1
Over $500,000	150,689.50	37.0		37.0

Married Couples Filing Joint Returns

f Your Taxable Income Is	You Pay This Amount on the Base of the Bracket	Plus This Percentage on the Excess over the Base (Marginal Rate)		Average Tax Rate at Top of Bracket
Up to $19,050	$0	10.0	%	10.0	%
$19,050 - $77,400	1,905.00	12.0		11.5
$77,400 - $165,000	8,907.00	22.0		17.1
$165,000 - $315,000	28,179.00	24.0		20.4
$315,000 - $400,000	64,179.00	32.0		22.8
$400,000 - $600,000	91,379.00	35.0		26.9
Over $600,000	161,379.00	37.0		37.0

Corporate

Corporations earn most of their income from operations; however, they may also receive interest and dividend income. -Select-InterestDividendCorrect 1 of Item 2 income is taxed as ordinary income; however, -Select-interestdividendCorrect 2 of Item 2 income is taxed more favorably. 50% of -Select-interestdividendsCorrect 3 of Item 2 received is excluded from taxable income, while the remaining 50% is taxed at the ordinary tax rate. For businesses, -Select-interestdividendCorrect 4 of Item 2 payments are regarded as an expense so they are tax deductible; however, -Select-interestdividendCorrect 5 of Item 2 payments are not tax deductible. Consequently, our tax system encourages -Select-equitydebtCorrect 6 of Item 2 financing over -Select-equitydebtCorrect 7 of Item 2 financing. Depreciation expense is tax deductible, so the larger the depreciation, the -Select-lowerhigherCorrect 8 of Item 2 the taxable income, the -Select-lowerhigherCorrect 9 of Item 2 the taxes, and the -Select-lowerhigherCorrect 10 of Item 2 the firm's operating cash flow.

Andrews Corporation has income from operations of $231,000. In addition, it received interest income of $23,100 and received dividend income of $29,700 from another corporation. Finally, it paid $11,000 of interest income to its bondholders and paid $45,000 of dividends to its common stockholders. The firm's federal tax rate is 21%. What is the firm's federal income tax? Do not round intermediate calculations. Round your answer to the nearest dollar. The answer is not 47,838