1. A firm's income statement included the following data. The firm's average tax rate was 20%. Cost of goods sold 8,000 Income taxes paid 2,000 Administrative expenses 3,000 Interest expense 1,000 Depreciation 1,000 a. What was the firm's net income? $8,000 b. What must have been the firm's revenues? $23,000 c. What was EBIT? $11,000