Forecast 2020 2. Following is the income statement for a company for the year ended December Actual 2019 $60,000 18,000 42,000 10,000 10,000 1,000 Net sales Cost of products sold Gross Profit Research and development Selling, general, and admin Restructuring charges, net Acquisition-related items Amortization of intangible assets Other expense, net Operating profit Interest expense, net Income from operations before income taxes Provision for income taxes 2,000 2,500 500 16,000 2,000 14,000 2.800 $11,200 Net income (Required) Prepare a forecast of the company's income statement for year 2020 using the following assumptions to. Complete the template for 2020 budget above. Net sales increase Cost of products sold Research and development Selling, general, and admin Restructuring charges, net Amortization of intangible assets Other expense, net Provision for income taxes 10% 30% of net sales 15% of net sales 20% of net sales No change in % of net sales No change in $ amount No change in $ amount 20% of pre-tax income