PQR Tech Company's fiscal data for the year ending December 31, 2023, includes:

• Net Sales: $7,000,000
• Cost of Goods Sold: $4,500,000
• Operating Expenses: $1,500,000
• Depreciation: $250,000
• Interest: $100,000
• Tax Rate: 25%

Requirements:

• Prepare an Income Statement.
• Calculate the Earnings Before Interest and Taxes (EBIT).
• Compute the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
• Determine the Net Income.
• Calculate the Effective Tax Rate.