Bryon Brooks Inc. recently reported 15 million of net income. Its EBIT was 20.8 million, and its tax rate was 25%. What was its intrest expense?(Hint: Write out the headings for an income statement, and fill in the known values. Then divide 15 million of net income by (1-T)= 0.75 to find the pretax income. The difference between EBIT and taxable income must be intrest expense.

Bryon Brooks Inc. recently reported 15 million of net income. Its EBIT was 20.8 million, and its tax rate was 25%. What was its intrest expense?(Hint: Write out the headings for an income statement, and fill in the known values. Then divide 15 million of net income by (1-T)= 0.75 to find the pretax income. The difference between EBIT and taxable income must be intrest expense.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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