You are given the following information for Lowell, Inc. Sales $240,000$ Debt $80,000$ Dividends $5,000$ Equity $30,000$ Interest rate $7\%$ Net income $16,000$ Tax rate $30\%$ Assume the company has no short$-$term debt. Also assume that all asset turnover, profit margin, and dividend payout ratios remain constant. $($Hint: Prepare income statement working backwards from the bottom.$)$ What are the company$$s earnings before interest and taxes $($EBIT$)?$