Question: Can you help me solve this general accounting problem using the correct accounting process? A firm's profit margin ignoring financing effects is 15%, with an

Can you help me solve this general accounting problem using the correct accounting process?

A firm's profit margin ignoring financing effects is 15%, with an EBIT of $2 million and sales of $8 million. How much did the firm pay in taxes? a. $800,000 b. $1,200,000 c. $700,000 d. $1,000,000

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