Question
To complete the assignments listed below, refer to the Table 2-1. The Wendt Corporation had $11.5 million of taxable income. What is the company's federal
To complete the assignments listed below, refer to the Table 2-1.
The Wendt Corporation had $11.5 million of taxable income.
What is the company's federal income tax bill for the year? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. $
Assume the firm receives an additional $3 million of interest income from some bonds it owns. What is the tax on this interest income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. $
Now assume that Wendt does not receive the interest income but does receive an additional $1.5 million as dividends on some stock it owns. What is the tax on this dividend income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. $
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