The Dakota Corporation had a 2015 taxable income of $27,500,000 from operations after all operating costs but before (1) interest charges of $8,000,000; (2) dividends received of $700,000; (3) dividends paid of $5,000,000; and (4) income taxes.

a.	Use the tax schedule in Table 2.3 to calculate Dakotas income tax liability. (Round your answer to the nearest dollar amount.)

Income tax liability

$

b.	What are Dakotas average and marginal tax rates on taxable income? (Round your answers to the nearest whole percent.)

Average tax rate	%
Marginal tax rate	%