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Parrino Corporation has announced that its net income for the year ended June 30, 2018, is $28 million. The company had an EBITDA of $62 million, and its depreciation and amortization expense was equal to $12 million. The company's average tax rate is 30 percent. What is the amount of interest expense for the firm?

Parrino Corporation has announced that its net income for the year ended June 30, 2018, is $28 million. The company had an EBITDA of $62 million, and its depreciation and amortization expense was equal to $12 million. The company's average tax rate is 30 percent. What is the amount of interest expense for the firm?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Parrino Corporation has announced that its net income for the year ended June 30, 2018, is $28 million. The company had an EBITDA of $62 million, and its depreciation and amortization expense was equal to $12 million. The company's average tax rate is 30 percent. What is the amount of interest expense for the firm?
Transcribed Image Text:Parrino Corporation has announced that its net income for the year ended June 30, 2018, is $28 million. The company had an EBITDA of $62 million, and its depreciation and amortization expense was equal to $12 million. The company's average tax rate is 30 percent. What is the amount of interest expense for the firm?
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