Question: Problem 16-12 (Algorithmic) (LO. 3) USCO incurred $95,000 in interest expense for the current year. The tax book value of USC's assets generating foreign-source income

Problem 16-12 (Algorithmic) (LO. 3) USCO incurred $95,000 in interest expense

Problem 16-12 (Algorithmic) (LO. 3) USCO incurred $95,000 in interest expense for the current year. The tax book value of USC's assets generating foreign-source income is $4,750,000. The tax book value of USC's assets generating U.S.-source income is $47,500,000. How much of the interest expense is allocated and apportioned to foreign-source income? Do not round intermediate computations but if required, round your final answer to the nearest dollar. 9,500 x

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