Last year, Cogswell Incorporated had sales revenue of $940,000. Costs other than depreciation and interest expense were 22 percent of sales. Depreciation expense was $295,000, interest expense was $87,000, dividends received were $21,000, and dividends paid were $46,000. Which of the following statements is most TRUE? (Assume Cogswell Incorporated owns 28% of the company from which it is receiving dividends.)

A. The firms' taxable income was $372,200

B. The firm's tax for the year was 110,468

C. The firm's average tax rate was 33.78 percent.

D. The after-tax income was $251,364