I am doing a reorganization exercise for my MBA class and am lost. I figured out the proposed BS I believe, but struggling with how to complete the proposed income statement. See attached doc. Thanks!!

The below company outlined and its creditors have agreed upon a reorganization plan. In this plan, each shaer of the $6 preferred stock will be exchanged for one share of $2.40 preferred with a par value of $37.50 plus one 8% subordinated income debenture with a par value of $75. The $10.50 preferred issue will be retired with cash. 2013 Balance Sheet, in millions Actual Current Assets 168 Total Current assets $ Net Fixed assets Goodwill Total Assets 168 $ $ 336 153 15 $ 327 42 78 6 $6 Preferred Stock, $112.50 PV (1.2M shares) $10.50 Preferred Stock, no par, callable at $150 (60,000 shares) Common Stock, $1.50 par value (6,000,000 shares) RE Total Claims 42 78 6 90 $75 X 1.2M shares New $2.40 preferred stock at $37.50 per 45 share 135 $ 9 Retired with cash 9 57 $ Actual Proj comments Less $9 for 159 retirement of the $10.50 PS 159 153 15 CL Adv Payments Reserves Subordinated debenture 2013 Income Statement, in millions Projected 336 Proposed 9 57 $ 327 Proj comments $ $ Net Sales 540 540 $ Oper Expense 516 $ Net Oper Income 24 $ Other Income 3 $ EBT 27 $ Taxes 50% 13.5 $ NI 13.5 $ Dividends on $6 preferred 7.2 Dividends on $10.50 $ preferred 0.6 $ Income Avail to CS holders 5.7 ** Interest expense for debenture is $90 X .08 = $7.2 2.9 $2.40 div X 1.2M shares