King Corporation is accumulating a significant amount of earnings and profits.

King Corporation is accumulating a significant amount of earnings and profits. The corporation is NOT a personal holding company and has the following information for its 2014 calendar tax year.- Taxable income (including dividend income of $81,000 from less than 20% owned corporation)…… $472,500- Federal income tax…………. $160,650-Excess charitable contributions…… $27,000-Net capital loss adjustments………..$20,250-Dividends paid in 2014……. $97,200-Consent dividends……… $27,000-Accumulated E and P at 1/1/2014……… $305,000-Total reasonable working capital needs for 2014 (including E and P at 1/1/2014)……. $370,000King Corporation is a manufacturing business and asks you to compute its accumulated earnings tax liability for 2014.