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Current Attempt in Progress Crane Electrical Company's nancial statements indicated that the company had earnings before interest and taxes of $ 742,000.The interest rate on its 55 816,000 debt was 8.95 percent. Calculate the taxes the company is likely to owe. What are the marginal and average tax rates for this company?(Rom1d total taxes payable to 2 decimal places, 23. 15.25 and otheranms to 0 declrml places, 6.3. 1 7%.} Exhibit: 3.6 US. Federal Corporate Income Tax Rates for 2016 The fatal corporate marginal tax rate varies from 15 to 39 percent. Ilillerlel'all},I speaking, smaller companies with lower taxable income have lower tax rates than larger companies with higher taxable incomes. Smaller businesses aJe git-en pl'eerential nealment to enoonrage new business formation. ('1') " ii [3) Pay Th's Amount on Marginal Tax Rate: Corporations' the Base of the Tax Rate an the Excess Average Tax Rate Taxable Income Bracket Over the Base at Top of Bracket 30-30001] 5 0 15% 15.0% seamHm) 7,502] 25 18.3 Hamman 13.7% 34 22.3 1m,m1335,(m 22,250 39 34.0 335.01] 1404111311] 1 13,941] 34 34.0 10,EKIl,Cl15.El,tl 3,4Clll0 35 34.3 335,001-10,000,000 113.900 34 34.0 10,000,001-15.000,000 3,400,000 35 34.3 15,000,001-18,333,333 5,150,000 38 35.0 More than 18,333,333 6,416,667 35 35.0 Total taxes payable Marginal tax rate % Average tax rate %Current Attempt in Progress You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled 55 950. depreciation expenses $ 76, costs of goods sold $ 367. and interest expenses 55 57.At the end of the year, current assets were :5 12B and current liabilities were 35 103. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. [Round answers to 2 decimal places, 9.3. 15.25] Sheridan Plumbing Company Income Statement V $ $ v $ v v