Elmo Incorporated is a U.S. corporation with a branch office in foreign country Z. During the current year, Elmo had $409,000 of U.S. source income and $54,000 of foreign source Income from Z, on which Elmo pald $25,200 of country Z income tax. Required: a. Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit. b. If Elmo had paid only $8,280 of country Z income tax, calculate Elmo's foreign tax credit allowable and net U.S. tax liability after foreign tax credit. Complete this question by entering your answers in the tabs below. Required A Required B Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit. (Do not round any intermediate division) Amount U.S. tax liability before foreign tax credit Maximum foreign tax credit wlowable Net U.S. tax lability ather foreign tax credit Red Required Elmo Incorporated is a U.S. corporation with a branch office in foreign country Z. During the current year, Elmo had $409,000 of U.S. source Income and $54,000 of foreign source income from Z, on which Elmo paid $25,200 of country Z income tax, Required: a. Calculate Elmo's U.S. tax liability before foreign tax credit, maximum foreign tax credit allowable, and net U.S. tax liability after foreign tax credit b. If Elmo had paid only $8,280 of country Z income tax, calculate Elmo's foreign tax credit allowable and net U.S. tax liability after forelgn tax credit Complete this question by entering your answers in the tabs below. Required A Requered B If Elmo had paid on Required of country Z Income tax, calculate Elmo's foreign tax credit allowable and net U.S. tax liability after foreign tax credit Amount Foreign tax credit allowable Net U.S. tax liability after foreign tax credit