UVW Electronics provided the following data for the year 2023:

• Total Revenue: $8,000,000
• Cost of Goods Sold: $5,000,000
• Selling and Administrative Expenses: $1,500,000
• Depreciation and Amortization: $300,000
• Interest Expense: $200,000
• Tax Rate: 28%

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.