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Cerulean Inc. has the following income statement for the year 2019. They expect sales to grow by the internal growth rate of 23% for the

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Cerulean Inc. has the following income statement for the year 2019. They expect sales to grow by the internal growth rate of 23% for the next fiscal year (2020). Using the percent sales method, forecast the Net Income for the year 2020: Income Statement ($ millions) Year 2019 Revenues 148.0 COGS 65.0 Depreciation 12.0 EBIT 71.0 3.0 Interest Expense PreTax Income 68.0 6.8 Taxes Net Income 812 Proforma N-375.0.76 millions Promat-1.02.10 millions Prutom $75 297 milions

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