E4-40. Compute NOPAT Using Tax Rates from Tax Footnote The income statement for TJX Companies follows. TJX COMPANIES Consolidated Statements of Income Fiscal Year Ended (5 thousands) January 30, 2016 Net sales ........ Cost of sales, including buying and occupancy costs....... Selling, general and administrative expenses. Interest expense, net....... Income before provision for income taxes Provision for income taxes......... Net income........ $30,944,938 22,034,523 5,205,715 46,400 3,658,300 1,380,642 $ 2,277,658 TJX provides the following footnote disclosure relating to its effective tax rate. January 30, 2016 U.S. federal statutory income tax rate......... Effective state income tax rate ... Impact of foreign operations ........... All other .. ....................... Worldwide effective income tax rate..... 35.0% 3.5% (0.7)% (0.1)% 37.7% a. Compute TJX's 2015 statutory tax rate using its income tax footnote disclosure. b. Compute TJX'S NOPAT for fiscal year 2015 using its tax rate from part a