Actual Projected Income Statement (in '000 $) 2020 2021 2022 2023 2024 2025 Notes Growth rates: Parts Sales 3.0% 3.0% 4.0% 4.0% 4.0% Service Program 4.0% 5.0% 5.0% 5.0% 5.0% Parts Sales 2,481 Service Program 1,087 Total Operating Revenues 3,568 Salaries and benefits 790 Increase at a yearly rate of 4.5% Research and development 750 5.5% Service expense 533 5.5% Sales and Administrative 271 4.5% Depreciation/amortization 450 4.0% Total Operating Expenses 2,794 Income before taxes 774 Income tax expense/(benefit) 163 Net Income 611 Balance Sheet Cash and investments 1,911 Increase at a yearly rate of 4.0% Accounts receivable 1,103 4.0% Inventory and supplies, net 922 2.0% Other 102 2.0% Current Assets 4,038 Other 5,451 Increase at 3.0% Total Assets 9,489 Bank Loan 2,900 Plug account Payables 200 Increase at a yearly rate of 2.0% CPLTD 33 2.0% Other 75 2.0% Current Liabilities 3,208 LTD 1,860 Equity 4,421 Total Liabilities