More Income Statement Practice: how to deal with taxes A firm has $5,517 in Net Sales and Operating Expenses are $1,632. Depreciation Expense is $614. Interest expense is $285 and the firm has a 12.8% tax rate. Calculate the firm's Net Income. Include a negative if appropriate. 1. first find EBIT 2. next subtract Interest 3. then subtract taxes, there are two wasy to do this 1. Find the tax amount in dollars (EBT * T where T is a decimal) and then subtract it out: EBT - taxes 2. Or find taxes and subtract them in one step EBT*(1-T) where I is in decimal form Your answer should be in dollars ($200 or 200 are both acceptable formats) Do not round intermediate steps. Round the final answer only