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Corporate Tax Liability The Talley Corporation had taxable operating income of $ 5 0 0 , 0 0 0 ( i . e . ,

Corporate Tax Liability
The Talley Corporation had taxable operating income of $500,000(i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $70,000,(2) dividends received of $20,000, and (3) dividends paid of $30,000. Its federal tax rate was 21%(ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt.
What is the firm's taxable income? Round your answer to the nearest dollar.
$ What is the tax expense? Round your answers to the nearest dollar.
$ What is the after-tax income? Round your answers to the nearest dollar.
$
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