Click here to read the eBook: The Income Statement INCOME STATEMENT Byron Books Inc. recently reported $7 million of net income. Its EBIT was $16.8 million, and its tax rate was 30%. What was its interest expense? Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $7 million of net income by (1 - T) = 0.7 to find che pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.] Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations. INCOME STATEMENT Patterson Brothers recently reported an EBITDA of $7.5 million and net income of $1.2 million. It had $2.0 million of interest expense, and its corporate tax rate was 40%. What was its charge for depreciation and amortization? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations. PERSONAL TAXES Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $335,000. Round your answers to two decimal places. a. What is their federal tax liability? $ b. What is their marginal tax rate? c. What is their average tax rate