1. Consider the financial statements below (in $000):

   Revenue	$200,000
   Cost of Goods Sold	120,000
   Gross Profit	80,000
   Operating Expenses	30,000
   Operating Income	50,000
   Interest Expense	10,000
   Earnings before tax	40,000
   Income tax expense (30%)	12,000
   Net Income	28,000
   Cash	20,000
   Accounts Receivable	40,000
   Inventory	30,000
   Property, Plant, & Equipment, net	150,000
   Total Assets	240,000
   Accounts payable	20,000
   Long-term debt	120,000
   Common Stock	40,000
   Retained earnings	60,000
   Total Liabilities and equity	240,000

   If sales are forecast to increase by 28%, the operating margin is expected to be 32%, and interest expense is unchanged, what is forecast Net Income?