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Ellicot Testing Company produced revenues of $754,000 in 2011. It had expenses (excluding depreciation) of $312,640, depreciation of $65,000, and interest expense of $41,823. It

Ellicot Testing Company produced revenues of $754,000 in 2011. It had expenses (excluding depreciation) of $312,640, depreciation of $65,000, and interest expense of $41,823. It has an average tax rate of 34%. What was the firm's net income after taxes in 2011?

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