Cute Camel Woodcraft Company Income Statement for Year Ending December 31 Year 1 Year 2 (Forecasted) Net sales $15,000,000 Less: Operating costs, except depreciation and amortization Less: Depreciation and amortization expenses 10,500,000 Operating income (or EBIT) Lessi: Interest expense Pre-tax income (or EDT) Less: Taxes (25\%) Earrings after taxes Less: Preferred stock dividends 600,000 $3,900,000 600,000 Earnings available to comrnon shareholders. Less: Comman stock dividends Contribution to retained earnings 390,000 3,510,000 877,500 $2,632,500 100,000 2,532,500 1,053,000 $1,479,500 Cute Camel Woodcraft Company Income Statement for Year Ending December 31 Year 1 Year 2 (Forecasted) Net sales $15,000,000 Less: Operating costs, except depreciation and amortization Less: Depreciation and amortization expenses 10,500,000 Operating income (or EBIT) Lessi: Interest expense Pre-tax income (or EDT) Less: Taxes (25\%) Earrings after taxes Less: Preferred stock dividends 600,000 $3,900,000 600,000 Earnings available to comrnon shareholders. Less: Comman stock dividends Contribution to retained earnings 390,000 3,510,000 877,500 $2,632,500 100,000 2,532,500 1,053,000 $1,479,500