Required information White Company owns 60% of Cody Company. Separate tax returns are required. For 2017, white's operating income (excluding taxes and any income from Cody) was $300,000 while Cody reported a pretax income of $125,000. During the period, Cody declared total dividends of $25,000; $15,000(60%) to white and $10,000 to the noncontrolling interest. White declared dividends of $180,000. The income tax rate for both companies is 30% Compute the income tax liability of Cody for 2018