Problem 24-53 (LO 24-4) (Algo) Sombrero Corporation, U U.S. corporation, operates through a branch in Espania. Management projects that the compony's pretax income in the next taxable year will be $133,200:$110,000 from U.S, operations and $23,200 from the Espania branch Espania taxes corporate income at a rate of 30 percent. Note: Do not round intermediote calculotions. Round your final answer to the nearest whole dollor amount. Required: o. If management's projections are accurate, what will be Sombrero's excess foreign tax credit in the next taxable year? Assume all of the income is foreign branch income. 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? Complete this question by entering your answers in the tabs below. If management's projections are accurate, what will be Sombrero's excess foreign tax credit in the next taxabile yitarn Msainution all of the income is foreign branch income. Complete this question by entering your answers in the tabs below. Management plans to establish a second branch in Italia. Italia taxes corporate income at a rate of 10 percent. Whint innoint of income will the branch in Italla have to generate to eliminate the excess credit generated by the branch in Espanla