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Business, 17.02.2020 23:59 ljoslin21

Little books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was40% What was its interest expense? [Hint: Write out the headings for an income statement and fill in the known values. Then divide $3 million of net income by (1-T) = 0.6 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.]

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