17-25 For Magdalen Industries, compute the net income before taxes and net profit (or loss). Taxes for the year were $7.5 million. (a) Calculate net profit for the year. (b) Construct the income statement. (c) Calculate the interest coverage and net profit ratio. Is the interest coverage acceptable? Explain why or why not. Magdalen Industries Income Statement Data (SM) Revenues Total operating revenue $124 36 70 (including sales of $48 million) Total nonoperating revenue Expenses Total operating expenses Total nonoperating expenses 35 (interest payments)