Part 1 of 2 Required information Problem 24-53 (LO 24-4) (Algo) The following information applies to the questions displayed below) Sombrero Corporation, a U.S.corporation operates through a branch in spanis. Management projects that the company's pretax income in the next taxable year will be $132.500 $108.800 from U.S. operations and $23.700 from the Espania branch Espania taxes corporate income at a rate of 30 percent 8 point 800 Problem 24-53 Part-a (Algo) Hint a. I management's projections are accurate, what will be Sombrero's excess foreign tax credit in the next taxable year? Assume nil of the income a foreign branch income (Do not round Intermediate calculatione.) Een box credit *P 24-53 2 Required Information Problem 24-53 (LO 24-4) (Algo) The following information applies to the questions displayed below) Sombrero Corporation, a U.S. corporation, operates through a branch in Esponia, Management projects that the company's pretax income in the next taxable year will be $132.500: 5108,800 from U.S. operations and $23,700 from the Espania branch. Espania taxes corporate income at a rate of 30 percent Problem 24-53 Part-b (Algo) b. Management plans to establish a second branch in Italia, Italia taxes corporate income at a rate of 10 percent What amount of income will the branch in Italia have to generate to eliminate the excess credit generated by the branch in Espania? (Do not round Intermediate calculations. Round your final answer to the nearest whole dollar amount.) income