Billy Bob, Inc.'s 201x income statement lists the following income and expenses: EBIT = $815,000, interest...

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Billy Bob, Inc.'s 201x income statement lists the following income and expenses: EBIT = $815,000, interest...

Billy Bob, Inc.'s 201x income statement lists the following income and expenses: EBIT = $815,000, interest expense = $90,000, and net income = $611,000. What are the 201x taxes reported on the income statement? (Answer in whole $s with no $ sign or commas needed, e.g. xxx000, or 123000)

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Answer 1

Answer #1

EBIT	815,000
Less:interest expense	90,000
EBT	725,000
Less:taxes(balance)(725,000-611,000)	114000
Net income	611,000

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Answer 2

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