Explain how US corporations face "double taxation". In 3-5 sentences, briefly describe how it works.

 You are given a financial statement with the following financial information for a local company:

Financial Performance for 2018

Revenue = $1,500,000

COGS = $400,000

Sales,General& Administrative Expenses= $300,000

Interest Expense = $150,000

TaxRate =25%

Shareholders' equity = $1,500,000

Depreciation = $0

2a - Which financial statement are you most likely looking at?

2b - Using the numbers from above, calculate the following: (1) EBIT and (2) net income. Calculate each measure. Show your work. For full credit, please show your work for the various calculations.