Gaffey Corporation obtained permission to change from a calendar year in a fiscal year ending May 31, beggining in 2016. For the short period January 1 through May 31, 2016, the corporation's taxable income was $186,800 . For computing the tax, assume a tax rate of 25%.

Do not round interim computations but round your final answers to the nearest dollar.

Gaffey Corporation's annualized short period income is $_____ and converted tax on the annualized income to a short period tax is $_____