Forecast an Income Statement Seagate Technology reports the following income statement for fiscal 2019. 793 362 SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $8,312 Cost of revenue 5,966 Product development Marketing and administrative Amortization of intangibles 18 Restructuring and other, net (18) Total operating expenses 7,121 Income from operations 1,191 Interest income Interest expense (179) Other, net 20 Other expense, net (92) Income before income taxes 1,099 (Benefit) provision for income taxes (512) Net income $1,611 67 Forecast Seagate's 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change Interest expense No change Other, net No change Note: Round your answers below to the nearest whole dollar. SEAGATE TECHNOLOGY PLC Forecasted Income Statement For Year Ended $ millions June 2020 Revenue $ 8,728 Cost of revenue 6,267 Product development 829 Marketing and administrative 384 Amortization of intangibles 18 Restructuring and other, net 0 Total operating expenses 7,498 Income from operations 1,230 Interest income 67 Interest expense (179) Other, net 20 Other expense, net (92) Income before income taxes 1,138 (Benefit) provision for income taxes (899) X Net income $ 2,037 x