Use the Information for the Question(s)below

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