Question 3 of 5 6 Points Click to see additional instructions Chipco, a domestic corporation, produces the world's best tasting chocolate chip cookies. In addition to its domestic sales, Chipco markets its cookies abroad through an extensive network of foreign branch sales offices (for which it maintains separate books and records). Chipco's operating results for the current year (2020) are summarized below, by source and type of income: U.S.-source manufacturing profits... Foreign branch income........ Foreign-source passive investment income... U.S. taxable income.. $40 million $60 million $20 million $120 million Chipco paid $20 million of foreign taxes on its foreign branch income and $3 million of foreign taxes on its foreign-source passive investment income. Assume that the U.S. tax rate is 21%. Compute Chipco's residual US tax liability, total foreign tax credit, as well as the amount of excess credits (or excess limitation) in each separate category of income limitation. Residual US tax liability is $ Excess Credit in the Branch basket is $ Excess Limitation in the Branch basket is $ Excess Credit in the Passive basket is $ Excess Limitation in the Passive basket is $ (enter O if none) (enter O if none or N/A) (enter O if none or N/A) (enter 0 if none or N/A) (enter O if none or N/A)