SHOW YOUR CALCULATIONS ON THE TEST PAPER 10. Griffey Communications recently realized $105,000 in operating income. The company had interest income of$25,000 and realized $70,000 in dividend income. Assume a 70% dividend exclusion for tax on dividends. The company's interest expense was $40,000. What is Griffey's Taxable Income? Using the corporate tax schedule below, what is Griffey's tax liability?_ Up to $50,000 15% $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 25 34 39 34 35 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 38 35 Over $18,333,333 a. $24,682 b. $20,170 c. $26,540 d. $28,663 e. $20,701