Exercise $30-16($Algorithmic$)($LO$.2)$

The Hosta Trust reports gross rent income of $$105,800,$ expenses attributable to the rents of $$74,060,$ and tax$-$exempt interest from state

bonds of $$26,450.$ Under the trust agreement, the trustee is to pay $20\%$ of the annual trust accounting income to the American Red Cross,

a qualifying charitable organization.

If required, round any division to two decimal places. Round your final answer to the nearest dollar.

a$.$ Compute Hosta's charitable contribution deduction.

$

$x$

b$.$ Express the solution as a Microsoft Excel command.

GIFT$=$ACCTGINCOME $**$ CHARITYRATE $$

DEDUCT$=$MIN$($GIFT$,($GIFT$*$GROSSINCOME$/$ACCTGINCOME$))$