The Honeybee company produces high quality honey at its plant in California. The company has marketing divisions throughout the world. A marketing division is located in London, England, imports 100,000 bottles annually from the United States. The following information is available: U.S. income tax rate on the U.S. division's operating income England income tax rate on the English division's operating income England import duty Variable manufacturing cost per bottle Full manufacturing cost per bottle Selling price (net of marketing and distribution costs) in England 35% 20% 15% $10 $20 $50 Suppose the United States and England tax authorities only allow transfer prices that are between the full manufacturing cost per unit of $20 and a market price of $50, based on comparable imports into England. The English import duty is charged on the price at which the product is transferred to England. Any import duty paid to the English authorities is a deductible expense for calculating England division income taxes. How much is the after-tax operating income earned by the England division from transferring 100,000 bottles at 150% of full manufacturing cost per unit?