Question: Holly's Art Galleries recently reported $ 1 5 . 8 million of net income. Its EBIT was $ 2 2 million, and its federal tax
Holly's Art Galleries recently reported $ million of net income. Its EBIT was $ million, and its federal tax rate was ignore any possible state corporate taxes What was its interest expense? Hint: Write out the headings for an income statement and then fill in the known values. Then divide $ million net income by T to find the pretax income. The difference between EBIT and taxable income must be the interest expense. Enter your answer in dollars. For example, an answer of $ million should be entered as Round your answer to the nearest dollar.
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