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Use the following to answer the two questions: A Japanese branch of a U.S. corporation paid $4,200,000 in taxes to the government of Japan on income it generated there. The corporation is subject to a 35% tax rate in the U.S. How much foreign tax credit can be taken in calculating the taxes owed to the U.S. on $10,000,000 of Japanese branch income? A) $4,200,000 B) $3,500,000 C) $0 D) $7,000,000 How much tax will be owed to the U.S. government on the Japanese branch income? A) $4,200,000 B) $3,500,000 C) $0 D) $7,000,000