Income Statement Byron Books Inc. recently reported $$13$ million of net income. Its EBIT was $$20\mathrm{.}8$

million, and its tax rate was $35\%.$ What was its interest expense? $($Hint: Write out the headings for an

income statement and fill in the known values. Then divide $$13$ million of net income by

$(1-T$ to find the pretax income. The difference between EBIT and taxable income must be interest

expense. Use this same procedure to complete similar problems. See table below, you need to complete

the right side and show below the table any calculation work.$).$ You can keep yellow highlighted color.

$NI=$$$13,000,000$;EBIT$=$$$20,800,000$;$T=35\%$; Interest $=?$

Need to set up an income statement and work from the bottom up$.$

Income Statement