Forecast an Income Statement Following is the income statement for Medtronic PLC for the year ended April 29, 2016 Consolidated Statements of Income Net sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Special charges (gains), net Restructuring charges, net Certain litigation 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 Apr. 29, 2016 Apr. 24, 2015 Apr. 25, 2014 $27,945 $20,261 $17,005 8,663 2,224 9,469 70 290 26 283 1,931 107 4,882 955 3,927 746 $3,181 6,309 1,640 6,904 (38) 237 42 550 733 118 3,766 280 3,486 811 $2,675 4,333 1,477 5,847 40 770 349 181 3,813 108 3,705 640 $3,065 Net income Use the following assumptions to prepare a forecast of the company's income statement for FY2017 14% Net sales increase Cost of products sold Research and development expense Selling, general, and administrative expense Special charges (gains), net Certain litigation charges, net Restructuring charges, net Acquistion-related items Amortization of intangible assets Other expense, net and Interest expense, net Provision for income taxes 31.7% of net sales 7.7% of net sales 32.8% of net sales $0 $0 75% Of 2016 expense 1.0% of net sales No change No change 20% of pre-tax income . 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 Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense 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 Net income