Two companies have the following values on their annual tax returns. Sales revenue, $ Interest revenue, S Expenses, $ Depreciation, $ Company 1 1,400,000 35,000 -855,000 49,000 Company 2 850,000 29,000 -610,000 21,000 (a) Calculate the federal income tax for the year for each company. (2 Marks) (b) Determine the percent of sales revenue each company will pay in federal income tax. (0.5 Mark) (c) Estimate the taxes using an effective rate of 31% of the entire TI. Determine the percentage error. (1 Mark) Note: If needed, you can use the corporate tax rates as given in course notes