Business, 27.11.2019 02:31 ivanf30

Consider the following income statement for kroger inc. (all figures in $ millions):
year 2006 2005 2004
total sales 60,553 56,434 53,791
cost of goods sold 45,565 42,140 39,637
selling, general & admin expenses 11,688 12,191 11,575
depreciation 1,265 1,256 1,209
operating income 2,035 847 1,370
other income 0 0 0
ebit 2,035 847 1,370
interest expense 510 557 604
earnings before tax 1,525 290 766
taxes (35%) 534 102 268
net income 991 189 498
the interest rate tax shield for kroger in 2006 is closest to:
a) $187 million
b) $332 million
c) $534 million
d) $179 million

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