Byron Books Inc. recently reported $15 million of net income. Its EBIT was $34.5 million, and its tax rate was 40%. What

[answerhappygod]

Byron Books Inc Recently Reported 15 Million Of Net Income Its Ebit Was 34 5 Million And Its Tax Rate Was 40 What 1 (69.52 KiB) Viewed 10 times

Byron Books Inc. recently reported $15 million of net income. Its EBIT was $34.5 million, and its tax rate was 40%. What was its interest expense? [Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $15 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.] 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. LA