Company A sells furniture through a North American distribution network. In 2020 the company sold: - 400,000 chairs at an average price of $150 per chair and gross margins of 30% and, - 100,000 tables at an average price of $300 per table and gross margins of 35% The company incurred: - $5M in selling expenses and, - $7M in general expenses. Please prepare the following: 1) An income statement for 2020 (make assumptions around taxes, depreciation, etc, where appropriate) - The income statement should, at minimum include the following items: Total revenue, gross margins, total overhead, EBITDA, EBIT and net income 2) Forecast the income statement for 2021, 2022, 2023 using the following assumptions: - Chair unit per volume grows 5% per year and pricing grows 2% while margins remain constant - Table unit volume grows 10% per year, pricing remains stable, and margins expand by 25bps per year - Selling expenses grow at the same rate as total revenue - General expenses grow at 5% per year