Answer:
1). EBIT = Sales - Expenses - Depreciation
= $490,000 -($49,000 - $24,500 - $73,500 - $98,000 - $73,500 - $49,000) - $14,700
= $490,000 - $367,500 - $14,700
= $107,800
2. Net Income = [EBIT - Interest] x [1 - t]
= ($107,800 - $24,500) *(1 - 32%)
= $83,300 * 0.68
= $56,644