$8.$Problem $2-10($Corporate Tax Liability$)$

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Corporate Tax Liability

The Talley Corporation had taxable operating income of $$465,000($i$.$e$.,$ earnings from operating revenues minus all operating costs$).$ Talley also had $(1)$ interest charges of $$50,000,(2)$ dividends received of $$20,000,$ and $(3)$ dividends paid of $$35,000.$ Its federal tax rate was $21\%($ignore any possible state corporate taxes$).$ Recall that $50\%$ of dividends received are tax exempt.

What is the firm$$s taxable income? Round your answer to the nearest dollar.

$$$

What is the tax expense? Round your answers to the nearest dollar.

$$$

What is the after$-$tax income? Round your answers to the nearest dollar.

$$$