Complete the following question related to the Income Statement for company XYZ for the years $2034$ and $2035.$ In $2034,$ XYZ was in the $35\%$ tax bracket. However, revenues increased substantially in $2035,$ pushing XYZ into the $40\%$ tax bracket. Use the Excel template to help solve the problem, if desired.

$\backslash$table$[[\backslash$table$[[$Income Statement$],[($$ in thousands, except EPS$)]]],[$Year$,2034,2035],[$Sales$,$$$,650,000,715,000],[$Cost of goods sold,$$,450,000,],[$Selling$,$ general, & admin. exp.,$$,75,000,75,000],[$Depreciation$,$$$,80,000,100,000],[$EBIT$,$$$,45,000,],[$Interest expense,$$,,20,000],[$Taxable income,$$,,45,000],[$Taxes$,$$$,10,500,],[$Net income,$$,19,500,],[$Shares outstanding,$500,000,5,500,000$