What was the interest expense for the year

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Reference no: EM131982667

The WeAreAwesome Company had Earnings before Interest and taxes (EBIT or "operating profit") of $400,000 and net income of $300,000. If the tax rate is 20%, what was the interest expense for the year? Hint: Work upwards from net income, the "bottom line" of the income statement. Begin by writing out the bottom part of an income statement and fill in what is given. Show all work for full credit.

Reference no: EM131982667

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