Forecast an Income Statement

Following is the income statement for Medtronic PLC$.$

Consolidated Statement of Income $($$ millions$)$ For Fiscal Year Ended April $26,2019$

Net sales $$24,140$

Costs and expenses

Cost of products sold $7,232$

Research and development expense $2,330$

Selling, general, and administrative expense $8,230$

Amortization of intangible assets $1,394$

Restructuring charges, net $198$

Certain litigation charges, net $166$

Other operating expense, net $258$

Operating profit $4,332$

Other nonoperating income, net $(373)$

Interest expense $1,141$

Income before income taxes $3,564$

Income tax provision $547$

Net income $3,017$

Net income loss attributable to noncontrolling interests $(19)$

Net income attributable to Medtronic $$2,998$

Use the following assumptions to prepare a forecast of the company$$s income statement for FY$2020.$

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.

Assumptions

Net sales increase $8\%$ growth

Cost of products sold $30\mathrm{.}8\%$ of net sales

Research and development expense $7\mathrm{.}6\%$ of net sales

Selling, general, and administrative expense $34\mathrm{.}1\%$ of net sales

Amortization of intangible assets $5\mathrm{.}8\%$ of net sales

Restructuring charges, net $75\%$ of $2019$ restructuring expense

Certain litigation charges, net $$119$ million

Other operating expense, net No change in $ amount

Other nonoperating income, net No change in $ amount

Interest expense No change in $ amount

Income tax provision $15\%$ of pretax income

Income attributable to noncontrolling interests No change in $ amount

Consolidated Statement of Income $($$ millions$)$ For Fiscal Year Ended $2020$

Net sales Answer

$0$

Costs and expenses

Cost of products sold Answer

$0$

Research and development expense Answer

$0$

Selling, general, and administrative expense Answer

$0$

Amortization of intangible assets Answer

$0$

Restructuring charges, net Answer

$0$

Certain litigation charges, net Answer

$0$

Other operating expense, net Answer

$0$

Operating profit Answer

$0$

Other nonoperating income, net Answer

$0$

Interest expense Answer

$0$

Income before income taxes Answer

$0$

Income tax provision Answer

$0$

Net income Answer

$0$

Net income loss attributable to noncontrolling interests Answer

$0$

Net income attributable to Medtronic Answer

$0$