Question 3 (15 points) Two companies have the following values on their annual tax returns. Company 1 Company 2 Sales revenue, $ 1,500,000 820,000 Interest revenue, S 31,000 25,000 Expenses, $ 754,000 591,000 Depreciation, $ 48,000 18,000 In the following three questions, if needed, you can use the 2010 tax table given below. (a) Calculate the federal income tax for the year for each company. (b) Estimate the taxes using an effective rate of 34% of the entire taxable income. Determin the percentage error made relative to the exact taxes in part (a). 50.000 2010 U.S. Corporate Income Tax Rate Schedule Over But Not Over Tax is of the Amount over O 50.000 15% 50,000 75,000 7,500+25% 75,000 100.000 13.750+34% 100,000 22.250+39% 100.000 335.000 10,000,000 113,900+34% 10,000,000 15,000,000 3,400,000+35% 10.000.000 15,000,000 18,333,333 5,150,000+38% 15.000.000 18,333,333 330.000