Corporate Tax Liability To complete the assignments listed below, refer to the Table 2-1. The Wendt Corporation had $11.5 million of taxable income. a. What is the company's federal income tax bill for the year? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. b. Assume the firm receives an additional $2.75 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. c. Now assume that Wendt does not receive the interest income but does receive an additional $1.75 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. TABLE 2-1 Corporate Tax Rates as of January 2012 It Pays This Amount on the Base of the Bracket Plus This Percentage on the Excess Over the Base 15% $0 If a Corporation's Taxable Income Is Up to $50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 5335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 $7,500 $13,750 $22,250 $113,900 $3,400,000 $5,150,000 $6,416,667 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0