In your accounting position at Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patients and nurses in different healthcare environments using GPS technology, you have been asked to prepare a current (2022) and forecasted income statement (2023) using the following information. The company will sell 100,000 bracelets in 2022 and 120,000 in 2023 at a cost of $10 per bracelet. It sold two photo resistant coating machines at $50,000 and $75,000 at the end of 2022 of which it made $10,000 and $15,000 profit. Beginning inventory in 2022 was 25,000 bracelets and ending inventory was 50,000 bracelets. Ending inventory in 2023 is expected to be 60,000 bracelets Direct Materials Costs were 50% of the cost, Direct Labour Costs were 30% of the cost. Office Salaries were $150,000, the Sales Representatives earned $175,000 and the Operations Manager $100,000 for both years The company will hire a new sales representative in 2023 to generate new sales at a salary of $50,000 Rent expenses in 2022 were $40,000 and expected to rise by 10% annually Insurance was $5000 in 2022 and is expected to rise by 7% in 2023 Office expenses accounted for 20,000 in 2022 and will rise by 5% in 2023 The company sets aside $30,000 to pay for taxes during the fiscal year Licensing fees remained fixed at $50,000 annually. Marketing costs were as follows: $75,000 for advertising in 2022, Online Marketing accounted $25,000, Selling expenses accounted for $50,000. They will all rise by 20% in 2023 The business tax rate is 15%