Cute Camel Woodcraft CompanyIncome Statement for Year Ending December $31$Year $1$Year $2($Forecasted$)$Net sales$$20,000,000$Less: Operating costs, except depreciation and amortization$13,000,000$Less: Depreciation and amortization expenses$800,000800,000$Operating income $($or EBIT$)$$$6,200,000$Less: Interest expense$620,000$Pre$-$tax income $($or EBT$)5,580,000$Less: Taxes $(25\%)1,395,000$Earnings after taxes$$4,185,000$Less: Preferred stock dividends$100,000$Earnings available to common shareholders$4,085,000$Less: Common stock dividends$1,464,750$Contribution to retained earnings$$2,620,250$$$3,194,281$