A company has gross sales of $1 million. The firm’s cost of goods sold and selling expenses were $300,000 and $200,000, respectively. These figures do not include depreciation. A company also had notes payable of $1 million. These notes carried an interest rate of 10 percent. Depreciation was $100,000. A company’s tax rate in 2020 was 30 percent.What was A company’s net operating income?
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