DEF Tech Inc. provided the following financial data for the year 2023:

• Revenue: $5,000,000
• Cost of Goods Sold: $3,000,000
• Administrative Expenses: $1,000,000
• Depreciation: $200,000
• Interest: $100,000
• Tax Rate: 30%

Requirements:

• Prepare an Income Statement.
• Calculate the Earnings Before Interest and Taxes (EBIT).
• Compute the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
• Determine the Net Income.
• Calculate the Effective Tax Rate.