P1-9 (similar to) Question Help Interest versus dividend income Last year, Shering Corporation had pretax earnings of $491,000. In addition, during the year it received $24,000 in income from interest on bonds it held in Zig Manufacturing and received $24,000 in income from dividends on its 6% common stock holding in Tank Industries, Inc. Shering faces a flat 21% tax rate and is eligible for a 50% 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