Use the Information for the Question(s)below

question 101

Multiple Choice

Use the information for the question(s) below.
KT Enterprises,a Canadian import-export trading company,is considering its international tax situation.Currently KT's Canadian tax rate is 35%.KT has significant operations in both Japan and Ireland.In Japan,the current exchange rate is ¥118.4/$ and earnings in Japan are taxed at 41%.In Ireland the current exchange rate is $1.27/€ and earnings in Ireland are taxed at 12.5%.KT's profits,which are fully and immediately repatriated,and foreign taxes paid for the current year are shown here (in millions) :

-After the Japanese taxes are paid,the amount of the earnings before interest and after taxes in dollars from the Japanese operations is closest to:

• A)$20.5 million
• B)$29.5 million
• C)$5.1 million
• D)$50.0 million
• E)$23.0 million

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Definitions:

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