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During the year, the Senbet Discount Tire Company had gross sales of $537,400. The company's cost of goods sold and selling expenses were $177,500 and

During the year, the Senbet Discount Tire Company had gross sales of $537,400. The company's cost of goods sold and selling expenses were $177,500 and $103,700, respectively. The company also had debt of $483,000, which carried an interest rate of 8 percent. Depreciation was $61,800. The tax rate was 23 percent

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