Exercise 17-21 (LO. 1) In the current year, Nighthawk Corporation, a calendar year C corporation, has $3,700,000 of adjusted taxable income and $125,000 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense is $1,400,000 for the year. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $33,000,000 Determine Nighthawk's current-year deduction for business interest b. Assume that Nighthawk has average gross receipts for the prior three-year period of $23,000,000 Determine Nighthawk's current-year deduction for business interest. 1,320,000X Exercise 17-21 (LO. 1) In the current year, Nighthawk Corporation, a calendar year C corporation, has $3,700,000 of adjusted taxable income and $125,000 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense is $1,400,000 for the year. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $33,000,000 Determine Nighthawk's current-year deduction for business interest b. Assume that Nighthawk has average gross receipts for the prior three-year period of $23,000,000 Determine Nighthawk's current-year deduction for business interest. 1,320,000X