Problem 2-8 Corporate Taxes (LG2-3) 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) Less: Cost of goods sold Gross profits Less: Other operating expenses EBITDA Less: Depreciation and amortization EBIT Less: Interest EBT Less: Taxes Net income $2,085 680 $1,405 455 950 292 $ 658 315 $ 343 Determine the firm's 2021 tax liability. * Answer is complete but not entirely correct. Tax liability $ 72 Determine the firm's 2021 net income. Answer is complete but not entirely correct. Net income 271 X Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Average tax rate 26.57 X Determine the firm's 2021 marginal tax rate. X Answer is complete but not entirely correct. Marginal tax rate 35 X