Problem 2-8 Corporate Taxes (LG2-3) 640 Everybody's Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.) Everybody's Fitness Income Statement for 2021 (in millions of dollars) Net sales (all credit) $1,885 Less: Cost of goods sold Gross profits $ 1,245 Less: Other operating expenses 415 EBITDA $ 830 Less: Depreciation and amortization 252 EBIT $ Less: Interest 275 $ 303 Less: Taxes Net income $ 578 EBT Determine the firm's 2021 tax liability Tax liability $ 63,630,000 Determine the firm's 2021 net income. Net income $ 239,370,000 Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Average tax rate 21.00% Determine the firm's 2021 marginal tax rate. Marginal tax rate 27 %