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(5 points) Byron Books Inc. recently reported $6 million of net income. Its EBIT was $13.1 million, and its tax rate was 25%. What

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(5 points) Byron Books Inc. recently reported $6 million of net income. Its EBIT was $13.1 million, and its tax rate was 25%. What was its interest expense? (Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $6 million of NI by (1-T) = 0.75 to find the pretax income. The difference between EBIT and taxable income must be interest expense). EBIT $13,100,000 Net Income $6,000,000

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