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In the current year, a corporation has a times interest earned ratio of 8.00. Its interest expense is $40,000 and its tax expense is $50,000.

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In the current year, a corporation has a times interest earned ratio of 8.00. Its interest expense is $40,000 and its tax expense is $50,000. Its net sales were $500,000 and its cost of goods sold was $200,000. What was the company's net income? $220,000 $235,000 $275,000 $230,000 $225,000

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