Elton Corporation

Income Statement for the year ending $12/31/$XX $($in thousands of dollars$)$

Net sales $ $2,700$

Operating Costs $(2,350)$

Depreciation $(150)$

Interest Expense $(70)$

EBT $130$

Income Tax $(25\%)(32\mathrm{.}50)$

Net Income $$97\mathrm{.}50$

Dividends to Common Stockholders $=$ $$58$

Elton Corporation Balance Sheet $12/31/$XX $($in thousands of dollars$)$

Cash $ $150$ Accounts Payable $$100$

Accounts Receivable $250$ Notes Payable $250$

Inventory $600$ Other Current Liabilities $50$

Total Current Assets $$1,000$ Total Current Liabilities $$400$

Total Fixed Assets $1,500$ Long Term Debt $1,100$

Common Stock $800$

Retained Earnings $200$

Total Assets $$2,500$ Total Liab. & Equity $$2,500$

Number of shares outstanding $=10,000$ shares

Price per Share $=$ $$100$

Assume next year's net sales will be $$58,821,$ depreciation expense will be the same dollar amount, and operating costs will be the same percent of sales.

Operating Income for next year is projected to be: