Book:

Financial Management: Principles and Applications Edition: 13th

Authors: Sheridan Titman, Arthur Keown, John D Martin

__________________________

Anwers WITHOUT showing the STPES will NOT be rated

MUST show STEP BY STEP

__________________________________________________

Solution is here but i need the STEPS

AGAIN PLEASE SHOW THE STPES

(Working with the income statement) (Related to Checkpoint 3.1 on page 46) GMT Transport Company ended the year with record sales of $18 million. The firm's cost of goods sold totaled $10.8 million while its operating expenses (including depreciation) totaled $4 million. GMT paid $1.5 million in interest expense and had an income tax liability of $595,000. What is the firm's net income for the year