PLEASE SHOW WORK.

The Talley Corporation had taxable operating income of $300,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $60,000, (2) dividends received of $5,000, and (3) dividends paid of $20,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm's taxable income? What is the tax expense? Show detail steps of calculations