Emery Mining Inc. recently reported $147,500 of sales, $75,500 of operating costs other than depreciation, and $10,200 of depreciation. The company had $16,500 of outstanding bonds that carry a 7.25% interest rate, and its federal-plus-state income tax rate was 25%. How much was the firm's net income? The firm uses the same depreciation expense for tax and stockholder reporting purposes. $47,664.85 $36,634.97 $35,847.12 0 $45,452.81 $38,604.59