Hemingway Corporation is considering expanding its operations to boost its income, but before making a final decision, it has asked you to calculate the corporate tax consequences of its decision. Currently, Hemingway generates before-tax yearly income of $200,000 and has no debt outstanding. Expanding operations would allow Hemingway to increase before-tax yearly income to $350,000. Hemingway can use either cash reserves or debt to finance its expansion. If Hemingway uses debt, it will have yearly interest expense of $70,000. The firm is subject to the following tax schedule: Given this information, answer the following questions by selecting the correct answer(s) from the provided options below: What is Hemingways current annual corporate tax liability? What is Hemingways current average tax rate? 20 Points If Hemingway finances its expansion using cash reserves, what will be its new corporate tax liability and average tax rate? If Hemingway finances its expansion using debt, what will be its new corporate tax liability and average tax rate