Income and Cash Flow Analysis The Berndt Corporation expects to have sales of $10 million. Costs other than depreciation are expected to be 70% of sales, and depreciation is expected to be $1.5 million. All sales revenues will be collected in cash, and costs other than depreciation must be paid for during the year. The federal tax rate is 21% (ignore any possible state corporate taxes). Berndt has no debt. Set up an income statement. What is Berndt's expected net income? Its expected net cash flow? Enter your answers in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answers to the nearest dollar. Net income: $ Net cash flow: $