Emery Mining Inc.recently reported $125,000 of sales,$75,500 of operating costs other than depreciation,and $10,200 of depreciation.The company had $16,500 of outstanding bonds that carry a 7.25% interest rate,and its federal-plus-state income tax rate was 35%.How much was the firm's net income? The firm uses the same depreciation expense for tax and stockholder reporting purposes.(Round your intermediate and final answers to two decimal places. )
A) $20,556.97
B) $24,272.09
C) $26,005.81
D) $20,804.65
E) $24,767.44
Correct Answer:
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