Jenkin Corporation reported the following for its first two taxable years. Assume that the tax rates for both the years are the same. Year 1 $500,000 200,000 Year 2 600,000 $ 400,000 U.S. source income Foreign source income Taxable income Foreign tax paid $ 700,000 $ 80,000 $1,000,000 $ 50,000 Calculate Jenkin's U.S. tax liability for Year 2. Multiple Choice $78,000 $160,000 $132,000 $210,000