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FruAgro Company has average annual gross receipts of $64 million annually. This year, FruAgro earned $3 million of business interest income, incurred $8 million of

FruAgro Company has average annual gross receipts of $64 million annually. This year, FruAgro earned $3 million of business interest income, incurred $8 million of business interest expense and has adjusted taxable income of $16 million. Required: Compute FruAgros current deduction for business interest and the amount of any business interest carryforward. (Enter your answers in dollars not in millions of dollars.)

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