Problem: Module 8 Textbook Problem 7 Learning Objective: 8-5 Explain the effect of tax credits on corporate tax liability Perkin Corporation has determined that it qualifies for a tax credit in the amount of $120,000. For the current year, it has tax liability before credits of $75,000. It expects at least that amount of tax liability next year. Required: a. If the excess credit is not refundable but may be carried forward, calculate the value of the credit. Assume Perkins uses a 4 percent discount rate to calculate present value. b. If the excess credit is refundable, what is the value of the credit