If Cleveland Motors Had an EBIT of $22,891,800, Interest of $7,312,200 and is taxed at an average rate of 32% what is their Net Income?

~~If Cleveland Motors Had an EBIT of $22,891,800, Interest of $7,312,200 and is taxed at an average rate of 32% what is their Net Income?
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The company will be taxed on its earnings before interest and tax (EBIT), so the tax is calculated on $22,891,800 at a rate of 32%=$7,325,376. The net income is earnings less tax less interest = 22891800-7325376-7312200 = $8,254,224.

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