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During 2010, Raines Umbrella Corp. had sales of $910,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $648,000, $125,000, and $170,000,
During 2010, Raines Umbrella Corp. had sales of $910,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $648,000, $125,000, and $170,000, respectively. In addition, the company had an interest expense of $59,000 and a tax rate of 35 percent. (Ignore any tax loss carryback or carryforward provisions.)
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