Question: Problem 2 . building an income statement. Pharrell, Inc., has sales of $634,000, costs of $328,000, depreciation expense of $73,000, interest expense of $38,000, and

Problem 2 . building an income statement. Pharrell, Inc., has sales of $634,000, costs of $328,000, depreciation expense of $73,000, interest expense of $38,000, and a tax rate of 35 percent what is the net income for this firm ?

Problem 3 . Dividends and retained earnings . suppose the firm in (problem 2) paid out $43,000 in cash dividends . what is the addition to retained earnings ?

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