INCOME STATEMENT Byron Books Inc. recently reported $15 million of net income. Its EBIT was $20.8 million, and its tax rate was 25%. What was its interest expense? (Hint: Write out the headings for an income statement, and fill in the known values. Then divide $15 million of net income by (1T) = 5 0.75 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.)