Interest versus dividend income During the year just ended, Shering Distributors, Inc., had pretax earnings from operations of $$495,000.$ In addition, during the year it received $$30,000$ in income from interest on bonds it held in Zig Manufacturing and received $$30,000$ in income from dividends on its $4\%$ common stock holding in Tank Industries, Inc. Shering is in the $40\%$ tax bracket and is eligible for a $70\%$ dividend exclusion on its Tank Industries stock.

a$.$ Calculate the firm's tax on its operating earnings only.

b$.$ Find the tax and the after$-$tax amount attributable to the interest income from Zig Manufacturing bonds.

c$.$ Find the tax and the after$-$tax amount attributable to the dividend income from the Tank Industries, Inc., common stock.

d$.$ Compare, contrast, and discuss the after$-$tax amounts resulting from the interest income and dividend income calculated in parts $b.$ and $c.$

e$.$ What is the firm's total tax liability for the year?