Spring Accounting Review - Income Statement The Lee Company manufactures small umbrellas for sell to the wholesale market. They currently manufacture and sell 682,000 umbrellas per year at a price of $22.98 per unit. The Lee Company has variable costs per unit of $9.75, depreciation of $650,000, and fixed costs of $482,000. The firm has $680,000 in debt that has an average interest rate of 6 percent. The firm has a 21 percent marginal tax rate. Using the information provided above, compute the income statement for The Lee Company (Please show all work): LEE COMPANY INCOME STATEMENT Sales Revenue Less: Variable Costs Gross Profits Less: Depreciation Less: Other Fixed Costs Earnings Before Interest & Taxes (EBIT) Less: Interest Expense Earnings Before Taxes (EBT) Less: Taxes Net Income Amount Computation