Appleton Corporation, a U.S corporation, reported total taxable income of $10,000,000 in 2017 Taxable income included $2.500,000 of foreign source taxable income from the company's branch operations in the United Kingdom. All of the branch income is general category income. Appleton paid U.K. income taxes of $750,000 on its branch income. Compute Appleton's net U.S tax liability and any foreign tax credit carryover for 2017 Assume a U.S. corporate tax rate of 34% 20 O A net U.S. tax of $2.550,000 and an excess FTC of $100,000 O A net US tax of $2.650,000 and an excess FTC of $100,000 O A net U.S tax of $2.550,000 and an excess FTC of $o O A net U.S tax of $2.650,000 and an excess FTC of SO 21. Award: 2.80 points Spartan Corporation, a U.S. company. manufactures widgets for sale in the United States and Europe. All manufacturing activities take place in the United States. During the current year, Spartan sold 100,000 widgets to European customers at a price of $5 each. Each widget costs $2 to produce. All of Spartan's production assets are located in the United States. Spartan ships its widgets F.O 8. place of destination. Determine the source of the gross profit from sale of the widgets using the 50/50 method. O $100,000 gross profit is U.S. source and $100,000 gross profit is foreign source O $0 gross profit is U.S. source and $300,000 gross profit is foreign source O $150,000 gross profit is U.S. source and $150,000 gross profit is foreign source O $300,000 gross profit is U.S. source and $0 gross profit is foreign source