Four years ago a division of Harcourt-Banks purchased an asset that was depreciated by the MACRS method
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Four years ago a division of Harcourt-Banks purchased an asset that was depreciated by the MACRS method using a 3-year recovery period. The total revenue for year 2 was $48 million, depreciation was $8.2 million, and operating expenses were $28 million. Use a federal tax rate of 35% and a state tax rate of 6.5% to determine
(a) CFAT,
(b) Percentage of total revenue expended on taxes,
(c) Net profit after taxes for the year.
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