Corporate Taxes (LG2-3)The Dakota Corporation had a 2015 taxable income of $13,000,000 from operations after all operating costs but before (1) interest charges of $3,100,000, (2) dividends received of $250,000, (3) dividends paid of $1,850,000, and (4) income taxes.
a. Use the tax schedule in Table 2.3 to calculate Dakota’s income tax liability. (Round your answer to the nearest dollar amount.)
b. What are Dakota’s average and marginal tax rates on taxable income? (Round your answers to 2 decimal places.)