6-3: The Income Statement Problem 6-3 Income statement Molteni Motors Inc, recently reported $3.5 million of net income. Its EBIT was $7 million, and its tax rate was 30%. What was its interest expense? Round your answer to the nearest dollar. (Hint: Write out the headings for an income statement and then fill in the known values. Then divide $3.5 million net income by 1. T 0.7 to find the pretax income. The difference between EBIT and taxable income must be the interest expense. Use this procedure to work some of the other problems.) Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000