Forecast an Income Statement

Following is the income statement for Medtronic PLC.

Use the following assumptions to prepare a forecast of the companys income statement for FY2020.

Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.

\begin{tabular}{|l|r|} \hline & April \\ \hline Consolidated Statement of Income (\$ millions) For Fiscal Year Ended & \multicolumn{2}{|c|}{2619} \\ \hline Net sales & $24,140 \\ \hline Costs and expenses & \\ \hline Cost of products sold & 7,232 \\ \hline Research and development expense & 2,330 \\ \hline Selling, general, and administrative expense & 8,230 \\ \hline Amortization of intangible assets & 1,394 \\ \hline Restructuring charges, net & 198 \\ \hline Certain litigation charges, net & 166 \\ \hline Other operating expense, net & 258 \\ \hline Operating profit & 4,332 \\ \hline Other nonoperating income, net & (373) \\ \hline Interest expense & 1,141 \\ \hline Income before income taxes & 3,564 \\ \hline Income tax provision & 547 \\ \hline Net income & 3,017 \\ \hline Net income loss attributable to noncontrolling interests & (19) \\ \hline Net income attributable to Medtronic & $2,998 \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|} \hline Consolidated Statement of Income (\$ millions) For Fiscal Year Ended & 2020 \\ \hline Net sales & $ \\ \hline Costs and expenses & \\ \hline Cost of products sold & \\ \hline Research and development expense & \\ \hline Selling, general, and administrative expense & \\ \hline Amortization of intangible assets & \\ \hline Restructuring charges, net & \\ \hline Certain litigation charges, net & \\ \hline Other operating expense, net & \\ \hline Operating profit & \\ \hline Other nonoperating income, net & \\ \hline Interest expense & \\ \hline Income before income taxes & \\ \hline Income tax provision & \\ \hline Net income & \\ \hline Net income loss attributable to noncontrolling interests & \\ \hline Net income attributable to Medtronic & \\ \hline \end{tabular}