Hi I just want to ask on what is the answer for this. I hope the you can help me and if there is an explanation it will help a lot

BROWN GIRL ENTERPRISES Income Statement For the year ended December 31, 2020 Sales 1,050,000 Less: Cost of Goods Sold 600,000 Gross Profit 450,000 Less: Operating Expenses Salaries and Wages Expense 80,000 Rent Expense 50,000 Advertising Expense 20,000 Transportation Expense 6,000 Utilities Expense 5,000 Taxes and Licenses Expense 3,000 Interest Expense 2,000 TOTAL OPERATING EXPENSES 166,000 NET INCOME 284,000 For the coming year, 2021, Blue Ivy asks for your help in preparing the projected income statement for that year, given the following assumptions: 1. For 2020, Brown Girl sold 50,000 units of its only product. Blue Ivy anticipates that 2021's unit sales will exceed last year's sales by 25%. 2. Each product being sold costs P12.00 per unit. 3. Salaries and wages expense is expected to increase by 30% due to a proposed increase in employee renumerations. 4. Rent expense is expected to increase by 5% for the year 2021. 5. Advertising expense is expected stay the same for 2021. 6. Transportation expense is projected to be 1% of total sales for next year while utilities expense is forecasted to be 2% of next year's total sales. 7. Taxes and Licenses expense will remain the same for the next year. 8. Interest expense is expected to be at P4,000 for the whole year. REQUIREMENT: Prepare Brown Girl Enterprises' Projected Income Statement for the year 2021. Show your solutions on the spaces below the statements in the Excel file