5. Tricolo Corporation made a total of $80 million in revenue in 2020. They spent $4.3 million in wages to their staff, $2 million in interest payments to bondholders, $0.5 million in dividends to shareholders, $300,000 in office supplies that were used within the year and $800,000 in capital assets (lasted for more than 1 year). Assume a real interest rate of 3%. a. What was their taxable income for 2020: (6 points) If they were allowed to expense all capital assets? b. What was their taxable income for 2020: (6 points) If their capital assets all have a tax life of 4 years and straight-line depreciation? C. (6 points) What would be the present value of total tax savings if they were able to expense all of the capital assets as in part a relative to the depreciation given in part b. (assume a real interest rate of 3% and a flat tax rate of 20% for corporations) d. What are two different ways in which the Corporate Income Tax is not just a profits tax". How does this tax create deadweight loss? (6 points)