- Assume that for corporation X, total taxable income is $9,500,000 Compute the total income tax for corporation X. (2 points) Hint: Follow the steps from the "Corporate Tax Calculations" example in chapter3's lecture series Assume that the managers decide to distribute 60% of the net profit as cash dividends (in other words, dividend paid to shareholders 60% net income). The total number of outstanding shares is 1,000,000. And you hold 2,000 shares of corporation X. Your personal tax rate is 20%. What is your after-tax proceeds of the dividends? (2 points) Hint: First, compute your share of distributed dividends. Then, consider the "Double taxation" issue that was illustrated in chapterl-part2 lecture series. 1-2 2- Use the following information: 4,800 9,600 34,000 16,550 5,750 45,000 500 45,000 122,000 1,440 900 55,000 500 6,500 s payable Accounts receivable Accumulated depredation Cash Cost of goods sold Common stock Depreciation expenses Common stock Gross fixed assets ncome taxes nterest expenses Long-term debt Other assets Inventories Retained earnings Sales Seling, marketing and admin. expenses Short-term notes 12,800 850 600 2-1. Compute the net income by preparing the income statement (3 points Hint: Use the "General Form of Income Statement" from lecture series of chapter 3. 2.2 Prepare the balance sheet (3 points) Hintl: Use the "General Form of the Balance Sheet" from lecture series of chapter 3 Hint2: To complete the balance sheet, you need to solve for "retained carnings". To that aim, use the fact that always Total assetstotal liabilities +total stockholder's equity