Engberg Company's most recent monthly income statement is given below: Sales Less: Variable expenses Contribution margin Less: Fixed expenses Net income Amount Percentage of Sales % $ 96,000 100 57,600 60 38,400 40 28,000 $ 10,400 3. Verify your estimate from Requirement (2) by constructing a new income statement for the company assuming a 10% increase in sales. (Do not round intermediate calculations. Round "Percent change in net income" answer to 1 decimal place, (i.e., 0.123 should be considered as 12.3%).) ENGBERG COMPANY'S Income Statement Amount Percent of Sales Sales Less: Variable expenses Contribution margin $ 105,600 100% 63,360 60% 42,240 40% Less: Fixed expenses 28,000 Net income $ 14,240 Original net income $ 10,400 Percent change in net income %