Problem:
Tater and Pepper Corp. reported free cash flows for 2015 of $45.1 million and investment in operating capital of $28.1 million. Tater and Pepper incurred $14.2 million in depreciation expense and paid $30.1 million in taxes on EBIT in 2015.
Task:
Question 1: Calculate Tater and Pepper's 2015 EBIT. Explain in detail and specify all calculation and formulas.