2. Prepare a projected cash flow Statement for 2021 based on the following: Income Statement Year ended December 31 in millions) Actual 2020 $160.0 76.0 $ 84.0 Projected 2021 $396.0 180.0 $216.0 Sales Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating expenses 60.0 26.0 6.0 $ 32.0 10.0 $ 70.0 Interest expense $ 8.0 $ 10.0 Pretax income Income tax expense Net income 44.0 14.0 $ 30.0 136.0 50.0 $ 86.0 Balance Sheet As of December 31 (in millions) Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total assets Actual 2020 $ 48.0 34.0 200.0 200.0 (60.0) $422.0 Projected 2021 $ 52.0 48.0 300.0 250.0 (70.0) $580.0 Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity $182.0 40.0 160.0 40.0 $422.0 $202.0 80.0 180.0 118.0 $580.0