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During 2009, Raines Umbrella Corp. had sales of $734,000. Cost of goods sold, administrative and selling...

During 2009, Raines Umbrella Corp. had sales of $734,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $562,000, $95,000, and $128,000, respectively. In addition, the company had an interest expense of $102,000 and a tax rate of 40 percent. (Ignore any tax loss carryback or carryforward provisions.) Assume Raines Umbrella Corp. paid out $21,000 in cash dividends. If spending on net fixed assets and net working capital was zero, and if no new stock was issued during the year, what is the firm's net new long-term debt?

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Income Statement of Raines Umbrella Ge Sales Selling Exp. EBLT (- Interest Taxable Tn ceme-Cf ,53m) Net Inco me ($153 Operating Cash Flow EBIT ㈩Depvec-tin-Taxes king cap tal- Net cap茫al. New spending Ey Cash Flow Fyom AssetsaUo Cosh Flow to Stockholderns - Dvden 3 cash Flow to Creditors - cash Flow From Assets e-) Cos Flow to Stockhotders ens Cash Flow to Creditors Iterest c Net Neuw LTD 56στο lo2avo )Net New kong Texm Debt

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