Question: NOTE: Please show all the steps to finding final answer! 5. Banana Inc. recently reported $177,000 of sales, $87,750 of operating costs other than depreciation,

NOTE: Please show all the steps to finding final answer! 5.

NOTE: Please show all the steps to finding final answer!

5. Banana Inc. recently reported $177,000 of sales, $87,750 of operating costs other than depreciation, and $10,700 of depreciation. The company had $27,750 of outstanding bonds that carry a 5% interest rate, and its federal-plus-state income tax rate was 25%. How much was Banana's net income? Hint: Use the simple interest equation to find the interest expense for the year: P*R*T (Round to the nearest dollar amount)

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