Emery Mining Inc

Emery Mining Inc.recently reported $150,000 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.

A) $35,167.33
B) $37,018.24
C) $38,966.57
D) $41,017.44
E) $43,068.31

Correct Answer:

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