Exercise 3-24 (Algorithmic) (LO. 1) In the current year, Nighthawk Corporation, a calendar year C corporation, has $4,360,000 of adjusted taxable income and $130,800 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $1,744,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $28,000,000. Determine Nighthawk's current-year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $21,750,000. Determine Nighthawk's current-year deduction for business interest. $