Problem 2-27 Corporate Taxes (LG2-3) The Dakota Corporation had a 2021 taxable income of $21,000,000 from operations after all operating costs but before (1) interest charges of $3,900,000, (2) dividends received of $330,000. (3) dividends paid of $2,250,000, and (4) income taxes (the firm's tax rate is 21 percent). a. Calculate Dakota's income tax liability. (Round your answer to the nearest dollar amount.) Answer is not complete. Income tax liability b. What are Dakota's average and marginal tax rates on taxable income? (Round your answers to 2 decimal places.) Answer is complete and correct. Average tax rate 21.00 %
Marginal tax rate 21.00 %