Griffey Communications recently realized $107,500 in operating income. The company had interest income of $20,000 and realized $70,000 in dividend income. The company's interest expense was $40,000. Its corporate tax rate is 25%. Griffey is a small company, so it is not subject to the interest expense deduction limitation. Assume a 50% dividend exclusion for taxes on dividends. a. $39,375 b. $21,875 c. $49,375 d. $30,625 e. $40,625