Meric Mining Inc.recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciation.The company had no amortization charges, it had outstanding $6,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 25%.How much was the firm's net income after taxes? Meric uses the same depreciation expense for tax and stockholder reporting purposes.

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The Answer of Meric Mining Inc.recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciation.The company had no amortization charges, it had outstanding $6,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 25%.How much was the firm's net income after taxes? Meric uses the same depreciation expense for tax and stockholder reporting purposes.