Comp ete the Income Statement. What was the company's interest expense for the year? Milos To Go, Inc. Income Statement 2008 EBIT Interest Expense Taxes (35%) Net Income Select one: a $5.714 million O b $15.50 million c. $11.25 million d. $10.00 million e. $4.615 million A start-up fimm is making an initial investment in new plant and equipment. Assume that currently its equipment must be depreciated on a straight-line basis over 10 years, but Congress is considering legislation that would require the firm to depreciate the equipment over 7 years. If the legislation becomes law, which of the following would occur in the year following the change? Select one: a. The company's depreciation would increase. b. The firm's taxable income would increase c. The firm's operating income (EBIT) would increase. d. The firm's net cash flow would decrease. e. The fim's tax payments would increase. Which of the following statements is CORRECT? Select one: a. The statement of cash flows tells us how much cash the firm has in the form of currency and demand deposits. b. Because companies are required to follow GAAP, twa firtis in exactly the same operating situation will have exactly the same financial statement. c. Even if a fimm follows generally accepted accounting principles (GAAP), its reported net income can be different from its reported net cash flow d. The emphasis in finance is on the determination of acounting income since the value of a firm is determined by the net income generated. e. The income statement shows us the firm's financial situation at a given point in time