3. The following table shows the most recent income statements of Nike, Inc. (24 points) Nike, Inc. Income Statement (all numbers in $ million) 2018 2019 Revenues Cost of sales $ 36,397 $ 39,117 2020 $ 37,403 2021 forecast 20,441 21,643 21,162 Gross profit 15,956 17,474 16,241 Total selling and administrative expense 11,577 12,624 13,265 Interest expense (income), net 54 49 89 Income before income taxes 4,325 4,801 2,887 Income tax expense 2,392 772 348 NET INCOME $ 1,933 $ 4,029 $ 2,539 You are a financial analyst who plans to follow a hybrid approach to forecast Nike's financial statements for 2021 and you make the following assumptions: Sales will grow at the average annual growth rate in sales over the 2018-2020 period. 2021 gross margin will be the same as the average annual gross margin over the 2018- 2020 period. 2021 SG&A will grow 30 bps (basis points) faster than the inflation rate assuming an inflation rate of 2%. 2021 net interest expense will be the same as the average expense over the 2018-2020 period. 2021 effective tax rate will be the same as the 2020 rate. Based on these assumptions forecast all items of Nike's income statement for 2021 (fill in the blank in the above table) What is your forecast of the net income for 2021? (show the details of your calculations)