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he income statement, also known as a profit and loss (P8L) statement, provides a snapshot of a company's finandal performance during a becified period of time, It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and ommon shareholders. he income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the eriod in which they are incurred, not necessarily when cash is received or paid. Investors and analysts use the information presented in the income tatement, and the other finandal statements and reports, to evaluate the company's financial performance and condition. onsider the following scenario: old Goose Metal Works Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next 1. Cold Goose is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT). 2. The company's operating costs (excluding depreciation and amortization) remain at 60.00% of net sales, and its depreciation and amortization expenses remain constant from year to year. 3. The company's tax rate remains constant at 40% of its pre-tax income or earnings before taxes (EBT). 4. In Year 2, Cold Goose expects to pay $200,000 and $1,055,700 of preferred and common stock dividends, respectively. Complete the Year 2 income statement data for Cold Goose, then answer the questions that follow. Round each dollar value to the nearest whole dollar