Extracts from the financial statements of ABC Ltd and additional information are provided below. Income statement for the year ended 31 March 2017 $000 800 Credit sales revenue Cost of sale (600) Gross profit 200 Selling expenses (80) Distribution costs (20) Other expenses (20) Profit before taxation 80 Taxation (25%) (20) Profit for the year 60 Additional information 1. Credit sales revenues are expected to increase by 10% in the year to 31 March 2018. 2. The tax rate for the year ended 31 March 2018 will be 35%. Use the information above and per-cent of sales method to prepare a projected income statement for the year ended 31/3/2018