Problem 17-46 (LO. 3) In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2019. Purple Corporation Azul Corporation Pink Corporation Turquoise Corporation Teal Corporation (a personal service corporation) Taxable Income $65,000 290,000 12,350,000 19,000,000 130,000 2019 Income Tax Liability Purple Corporation $ 11,250 x Azul Corporation $ 96,350 x Pink Corporation 4,222,500 Turquoise Corporation $ 6,650,000 x Teal Corporation $ 45,500 x Feedback Check My Work The TCJA of 2017 reduced the corporate tax rate to a flat rate of 21 percent for tax years beginning after 2017