Cullumber Corporation recently reported an EBITDA of $30.70 million and net income of $9.7 million. The...

Cullumber Corporation recently reported an EBITDA of $30.70 million and net income of $9.7 million. The company had $6.8 million in interest expense, and it's average corporate tax rate was 35 percent. What was its depreciation and amortization expense? (Round answer to 2 decimal places and enter your answer in dollars, e.g. 9,700,000.25)

Expert Solution

EBITDA	30.7 million
Less:depreciation and amortization expense(balance)(30.7-21.7230769)	$8976923.08(Approx)
EBIT(14.9230769+6.8)	21.7230769 million
Less:interest expense	6.8 million
EBT(100%)(9.7/0.65)	14.9230769 million
Less:tax@35%(14.9230769*35%)	5.2230769 million
Net income(65%)	9.7 million

jeff jeffy answered 2 years ago

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