Download the income statement of Wonka Industries $($Excel file$),\backslash (\backslash$downarrow $\backslash )$

Prepare a forecasted income statement in the provided Excel file for Year $12$ using the following assumptions $(\backslash (\backslash$$ $\backslash )$ millions$)$ and copy$/$paste each assumption next to the applicable calculation in Excel:

$-$ Revenues are forecasted to equal $\backslash (\backslash$$ $6,000\backslash ).$

$-$ Cost of sales forecast uses the average percent relation between cost of sales and sales for the three$-$year period ending Dec $31,$ Year $11.$

$-$ Selling, general, and administrative expenses are expected to increase by the same percent increase occurring from Year $10$ to Year $11.$

$-$ Other expenses are predicted to be $\backslash (8\backslash \%\backslash )$ higher than in Year $11.$

$-$ A $\backslash (\backslash$$ $2\backslash )$ million loss $($net of taxes$)$ is expected from disposal of net assets from discontinued operations.

$-$ Interest expense, net of interest capitalized and interest income, is expected to increase by $\backslash (6\backslash \%\backslash )$ due to increased financial needs.

$-$ The effective tax rate is equal to that of Year $11.$

Note: Upload the Excel template provided in the link above with your work on it$.$ Do not hard$-$code. Income Statement

Assumptions