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Complete the following question related to the Income Statement for company XYZ for the years 2 0 3 4 and 2 0 3 5 .

Complete the following question related to the Income Statement for company XYZ for the years 2034 and 2035. In 2034, XYZ was in the 35% tax bracket. However, revenues increased substntially in 2035, pushing XYZ into the 40% tax bracket. Use the Excel template to help solve the problem, if desired.
\table[[\table[[Income Statement],[($ in thousands, except EPS)]],,,,,,,,,,,,,,,,,,],[Year,2034,2035],[Sales,$,650,000,715,000,,,,,,,,,,,,,,,,,,],[Cost of goods sold,$,450,000,,,,,,,,,,,,,,,,,,,],[Selling, general, & admin. exp.,$,75,000,75,000,,,,,,,,,,,,,,,,,,],[Depreciation,$,80,000,100,000,,,,,,,,,,,,,,,,,,],[EBIT,$,45,000,,,,,,,,,,,,,,,,,,,],[Interest expense,$,,20,000,,,,,,,,,,,,,,,,,,],[Taxable income,$,,45,000,,,,,,,,,,,,,,,,,,],[Taxes,$,10,500,,,,,,,,,,,,,,,,,,,],[Net income,$,19,500,,,,,,,,,,,,,,,,,,,],[Shares outstanding,,5,500,000,5,500,000,,,,,,,,,,,,,,,,,,],[EPS,$,3.55,,,,,,,,,,,,,,,,,,,]]
What is the EBIT for 2035(round to the nearest dollar)?
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