How do I calculate the last answer

Transcribed image text: Norm Corporation purchased for $1,200,000 12,000 shares of Beer Corporation common stock (less than 5% of the outstanding Beer stock) at the beginning of the current year. It used $480,000 of borrowed money and $720,000 of its own cash to make this purchase. Norm paid $48,000 of interest on the debt this year. Norm received a $35,000 cash dividend on the Beer stock on September 1 of the current year. Cheers has $6 million of taxable income before any dividends-received deduction. Read the requirements Requirement a. What amount can Norm deduct for the interest paid on the loan? Norm may deduct all the interest paid on the loan. Requirement b. What dividends-received deduction can Norm claim with respect to the dividend? How much of the $35,000 dividends received from Beer must Norm include in its income? The dividends-received deduction for Norm is All $35,000 14000