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Clarke has a controlling interest in Rogers's outstanding stock. At the current year-end, the following...

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Accounting

Clarke has a controlling interest in Rogers's outstanding stock. At the current year-end, the following information has been accumulated for these two companies: Separate Operating Income Dividends Paid Clarke $552,500 $95,000 (includes a $96,000 net unrealized gross profit on intra-entity inventory transfers) Rogers 335,000 55,000 ________________________________________ e. Assume that Clarke owns 70 percent of Rogers's voting stock so that separate tax returns are required. What amount of income taxes does Clarke have to pay for the current year?

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