Han Company wishes to forecast its net income for the year 2009. Han has assembled balance sheet and income statement data for 2008 and has also done a forecast of the balance sheet for 2009. In addition, Han has estimated that its sales in 2009 will rise to $2,200.This information is summarized in the following table.

Instructions:
Prepare a forecasted income statement for 2009. Clearly state what assumptions youmake.

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2009 Balance Sheet 2008 Forecasted $ 22 550 $1.372 220 652 $1,372 20 Other current assets Property. plant, and equipment (net) Total assets Accounts payable Bank loans payable Total stockholders equity Total labilities and stockholders' equity... 500 $1,120 200 320 $1,120 2009 Income Statement 2008 Forecasted $2,000 700 $1300 120 .010 $ 170 $2,200 Cost of goods sold Gross profit Depreciation expense Other operating expenses Operating profit Interest expense Income before taxes ncome taxes- Net income $ 80 30 $ 50