Business, 22.09.2020 14:01 jamesmcfarland

Byron Books Inc. recently reported $14 million of net income. Its EBIT was $22.4 million, and its tax rate was 30%. What was its interest expense? [Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $14 million of net income by (1 - T) = 0.7 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.] Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations.

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Byron Books Inc. recently reported $14 million of net income. Its EBIT was $22.4 million, and its ta...

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