o Click here to read the eBook: The Income Statement Problem Walk-Through INCOME STATEMENT Edmonds Industries is forecasting the following income statement: Sales $8,000,000 Operating costs excluding depreciation & amortization 4,400,000 $3,600,000 640,000 $2,960,000 400,000 2,560,000 1,024,000 $1,536,000 EBITDA Depreciation and amortization EBIT Interest EBT Taxes (40%) Net income The CEO would like to see higher sales and a forecasted net income of $2.918,400. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amorti-tion and interest expenses will increase by 10%. The tax rate, which is while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $2,918,400 in net income? If to the nearest dollar at the end of the calculations. 40%, wili remain the same. (Note that