Cable phones Inc., which is not a member of an affiliated group, had gross income from operations of $390,000 and deductible expenses of $475,000. Dividends of $300,000 were received from more than 20 percent owned U.S. corporations.

1. What is the dividends-received deduction?
2. What would the dividends-received deduction be if the deductible expenses were $500,000?