Forecast an Income Statement Following is the income statement for Medtronic PLC for the year ended April 29, 2016 Consolidated Statements of Income Apr. 29, 2016 Apr. 24, 2015 Apr. 25, 2014 Net sales $28,833 $20,261 $17,005 Costs and expenses Cost of products sold 6,309 9,142 4,333 Research and development expense 2,224 1,640 1,477 Selling, general, and administrative expense 9,469 6,904 5,847 Special charges (gains), net (38) 40 70 Restructuring charges, net 290 237 78 Certain litigation charges, net 26 770 42 Acquisition-related items 283 550 117 Amortization of intangible assets 1,931 733 349 Other expense, net 118 181 107 Operating profit 5,291 3,766 3,813 955 280 108 Interest expense, net Income from operations before income taxes 4,336 3,486 3,705 Provision for income taxes 798 640 811 $3,538 $2,675 $3,065 Net income Use the following assumptions to prepare a forecast of the company's income statement for FY2017. Net sales increase 22% Cost of products sold of net sales 31.7% Research and development expense of net sales 7.7% Selling, general, and administrative expense of net sales 32.8% Special charges (gains), net $0 Certain litigation charges, net $0 Restructuring charges, net 75% of 2016 expense Acquistion-related items 1.0% of net sales Amortization of intangible assets No change Other expense, net and Interest expense, net No change Provision for income taxes 20% of pre-tax income Instructions: Round answers to the nearest whole number. Use rounded answers for any subsequent computations. Do not use negative signs with any of your answers. Medtronic Inc. Forecasted Consolidated Statement of Income in Millions EST. 2017 Net sales $ 0 Costs and expenses Cost of products sold 10 Research and development expense 10 Selling, general, and administrative expense C Restructuring charges, net 10 C Acquisition-related items Amortization of intangible assets 10 Other expense, net C Operating profit 0 Interest expense, net C Income from operations before income taxes 10 Provision for income taxes C Net income C