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Hank, a calendar-year taxpaye. uses the cash method of accounting for his sole proprietorship. In late December, he performed $24.000 of legal services for a client. Hank typically requires his clients to pay his bilis immediately upon receipt. Assume his marginal tax rate is 32 percent this year and will be 35 percent next year, and that he can earn an after-tax rate of return of 12 percent on his Investments. Use Exhibit 31 a. What is the after-tax ir come if Hank sends his client the bill in December? Naxwcom b. What is the after-te income if Hank sends his client the bill in January? (Do not round intermediate calculations, Round your answer to the neare t whole dollar amount.) Allerta income c. Should Hank send his client the bill in December or January? d. What is the after-ti x income if Hark expects his marginal tax rate to be 24 percent next year and sends his client the bill in January? (Do not round intert vediate calculations. Round your answer to the nearest whole dollar amount.) Alor lax incomo e. Should Hanks nd his client the bill in December of January if he expects his marinal tax rate to be 32 percent this year and 24 percent next yea? December January EXHIBIT 3-1 Present Value of a Single Payment at Various Annual Rates of Return 4% 5% 6% 7% 8% 9% 10% 11% 12% Year 1 .962 .952 943 .935 .926 .917 .909 .901 .893 Year 2 .925 .907 .890 .873 .857 .842 .826 .812 .797 Year 3 .889 .864 .840 .816 .794 .772 .751 .731 .712 Year 4 .855 .823 .792 .763 .735 .708 .683 .659 .636 Year 5 .822 .784 .747 .713 .681 .650 .621 .593 .567 Year 6 .790 .746 .705 .666 .630 .596 .564 .535 .507 Year 7 .760 .711 .665 .623 .583 .547 513 .482 .452 Year 8 .731 .677 .627 .582 .540 .502 .467 .434 .404 Year 9 .703 .645 .592 .544 .500 .460 .424 .391 .361 Year 10 .676 .614 .558 .508 .463 .422 .386 .352 .322 Year 11 .650 .585 .527 .475 .429 .388 .350 .317 .287 Year 12 .625 .557 .497 .444 .397 .356 .319 .286 .257 Year 13 .601 .530 .469 .415 .368 .326 .290 .258 .229 Year 14 .577 .505 .442 .388 .340 .299 .263 .232 .205 Year 15 .555 .481 .417 .362 .315 .275 .239 .209 .183