The Dakota Corporation had a 2015 taxable income of $29,000,000 from operations after all operating costs but before (1) interest charges of $8,900,000; (2) dividends received of $820,000; (3) dividends paid of $5,600,000; and (4) income taxes.

a.Use the tax schedule inTable 2.3to calculate Dakota?s income tax liability.(Round your answer to the nearest dollar amount.)

Income tax liability$

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

Average tax rate%Marginal tax rate%

table 2.3 Corporate Tax Rates as of 2015 Paythll Amount Fin-this PlruntIgaon m mm on But m Anything (3th Ban $0450," 5 U 1 5% 550301475000 3', 500 25 535,0015100,000 13,250 34 51000014335000 22.2 50 39 $335,001510,000,000 1 13.900 34 $10,000,001s15,000,000 3.400000 35 s15,000,001-s13.333,333 5,150,000 33 Over $10,333,333 614161667 35