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QUESTION
In 2012, Cedarbrook Industries had sales of $421,900, costs of $304,950, and depreciation of $38,200. Its interest expense totaled $19,100.
In 2012, Cedarbrook Industries had sales of $421,900, costs of $304,950, and depreciation of $38,200. Its interest expense totaled $19,100. The company paid dividends of $8,000 and increased retained earnings by $22,600. At what average rate did Cedarbrook pay taxes?
