An engineering business is expected to have revenues of $1 million each year. The costs of producing the manufactured items, consisting of labour and raw materials, amounts to $600,000. The overheads are $50,000, the interest on debt is $50,000 and the tax rate is 35%. (i) What is the gross profit? (ii) What is the EBIT (PBIT)? (iii) How much tax is paid? (iv) What is the net income (profit)