3 (10 points). a. The Talley Corporation had a taxable income of $1.000.000 from operation after all operating costs but before: (1) interest charges of ss0.000. (2) dividends received on $15,000, (3) interest received of $10.000 (4) dividends paid of $25,000, and (5) income taxes. What are the firm's total taxable income and income tax liability assuming at 21% tax rate and 50% of the dividend received are excluded from taxable income)? b. Using the previous information, what are the company's marginal and average tax rates on taxable income? 4 (10 points). Frosty Corporation has the following data, in thousands. Assuming a 365-day year, what is the firm's cash conversion cycle? Annual sales Annual cost of goods sold Inventory Accounts receivable Accounts payable $45,000 $31,500 $4,000 $2,000 $2,400