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Consider the following income statement for Loblaws (all figures are in $ Millions): Year 2018 2019 2020 Total sales 70,554 74,919 90,124 Cost of goods

Consider the following income statement for Loblaws (all figures are in $ Millions):

Year

2018

2019

2020

Total sales

70,554

74,919

90,124

Cost of goods sold

45,981

49,221

53,910

Selling, general & admin expenses

13,461

14,912

17,420

Depreciation

1,982

2,091

2,509

Operating income

9,130

8,695

16,285

Other income

0

0

0

EBIT

9,130

8,695

16,285

Interest expense

698

710

734

Earnings before tax

8,432

7,985

15,551

Taxes (40%)

3,373

3,194

6,220

Net income

5,059

4,791

9,331

The interest rate tax shield for Loblaws in 2018 and the total amount available to pay out to all investors in Loblaws in 2018 are closest to:

Question options:

$252 million and $5.349 billion

$279 million and $5.757 billion

$284 million and $5.910 billion

$312 million and $5.935 billion

None of the above

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