Interest versus dividend income: Last year, Shering Corporation had pretax earnings from operation of $490000. In addition it received $20,000 in income from interest on bonds, it held Zig Manufacturing and received $20,000 in income from dividends on its 5% common stock holding in Tank Industries, Inc Shering faces a flat 21% tax rate and its eligible for 50% dividend exclusion on its Tank Industries stock

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