Corporate Tax Liability To complete the assignments listed below, refer to the Table 6-1. The Wendt Corporation had $11.5 million of taxable income. b. Assume the firm receives an additional $1.25 million of interest income from some bonds it owns, What is the tax on this interest income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar c. Now assume that Wendt does not receive the interest income but does receive an additional $2.5 million as dividends on some stock it owns. What is the tax on this dividend income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar 18.3 TABLE 6-1 Corporate Tax Rates as of February 2017 If a Corporation's It Pays This Amount on Plus This Percentage on Average Tax Rate Taxable income is the Base of the Bracket the Excess over the Base at Top of Bracket Up to $50,000 $0 15% 15.0% $50,000-$75,000 $7,500 $75,000-5100,000 $13,750 22.3 $100,000-$335,000 $22,250 $335,000-$10,000,000 $113,900 34.0 $10,000,000-$15,000,000 $3,400,000 34.3 $15,000,000-$18,333,333 35.0 Over $18,333,333 $6,416,667