INCOME STATEMENT: Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense?
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INCOME STATEMENT: Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense?
Take your EBIT * 40% then deduct this number from EBIT and the difference from this number and Net Income is your interest expense amount.
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