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.) (Use the corporate tax table on the formula sheet.) The firm's taxable income was $372,200. b. The firm's tax for the year was $110,468. c. The firm's average tax rate was 33.87 percent. d. The after-tax income was $251,364. e. None of the above. + sales 940,000