Gaffey Corporation obtained permission to change from a calendar year to a fiscal year ending May 31, beginning in 2020. For the short period January 1 through May 31, 2020, the corporation's taxable income was $140,000. For computing the tax assume tax rate of 21%.

Do not round interim computations answers to the nearest dollar. Gaffey Corporation's annualized short period income is $__ and the converted tax on the annualized income to a short period tax is $__

Gaffey Corporation obtained permission to change from a calendar year to a fiscal year ending May 31, beginning in 2020. For the short period January 1 through May 31, 2020, the corporation's taxable income was $140,000. For computing the tax, assume a tax rate of 21%, Do not round interim computations but round your final answers to the nearest dollar Gaffey Corporation's annualized short period income is 336,000 and the converted tax on the annualized income to a short period taxis 33,600 X