Your Corporation Has the Following Cash Flows: Operating Income $250,000

Your corporation has the following cash flows: Operating income $250,000
Interest received $10,000
Interest paid $45,000
Dividends received $20,000
Dividends paid $50,000
If the applicable income tax rate is 40% (federal and state combined) , and if 70% of dividends received are exempt from taxes, what is the corporation's tax liability?

A) $83,980
B) $88,400
C) $92,820
D) $97,461
E) $102,334