6. Problem 3.10 (Statement of Stockholders Equity) ELE eBook Problem Walk-Through Electronics World Inc. paid out $14 million in total common dividends and reported $364.6 million of retained earnings at year-end. The prior year's retained earnings were $269.8 million. What was the net income? Assume that all dividends declared were actually paid. Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. $ 7. Problem 3.15 (Income Statement) eBook Problem Walk-Through Edmonds Industries is forecasting the following income statement: Sales $9,000,000 Operating costs excluding depreciation & amortization 4,950,000 EBITDA $4,050,000 Depreciation and amortization 1,260,000 EBIT $2,790,000 Interest 540,000 EBT $2,250,000 Taxes (25%) 562,500 Net income $1,687,500 The CEO would like to see higher sales and a forecasted net income of $2,160,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 14%. The tax rate, which is 25%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $2,160,000 in net income? Round your answer to the nearest dollar, if necessary. $