The Wendt Corporation reported $70 million of taxable income. Its federal tax rate was 21% (ignore any possible state co

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The Wendt Corporation reported $70 million of taxable income.Its federal tax rate was 21% (ignore any possible state corporatetaxes).
What is the company's federal income tax bill for the year?Enter your answer in dollars. For example, an answer of $1.2million should be entered as 1,200,000. Round your answer to thenearest dollar.
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Assume the firm receives an additional $3 million of interestincome from some bonds it owns. What is the additional tax on thisinterest income? Enter your answer in dollars. For example, ananswer of $1.2 million should be entered as 1,200,000. Round youranswer to the nearest dollar.
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Now assume that Wendt does not receive the interest income butdoes receive an additional $3 million as dividends on some stock itowns. Recall that 50% of dividends received are tax exempt. What isthe additional tax on this dividend income? Enter your answer indollars. For example, an answer of $1.2 million should be enteredas 1,200,000. Round your answer to the nearest dollar.
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