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National Beverage Company projects its 2014 sales to be $25,226,975. Given the following income statement for National Beverage Company for 2013, and the sales forecasts,

National Beverage Company projects its 2014 sales to be $25,226,975. Given the following income statement for National Beverage Company for 2013, and the sales forecasts, prepare a pro forma income statement for 2014.

Income Statement for 2013

Sales revenue

$ 24,088,000

Cost of goods sold

$ (8,164,000)

Selling, general, and administrative expenses

$ (7,616,000)

Depreciation Expenses

$ (2,388,000)

EBIT

$ 5,920,000

Interest expense

$ (220,000)

Taxable income

$ 5,700,000

Taxes

$ (2,498,000)

Net income

$ 3,202,000

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