You are given the last year income statement for The Lumber Mill as follows:

2017 Income Statement, The Lumber Mill

Net Sales	$608,400
Cost of Goods Sold	427,800
Depreciation	79,100
EBIT	$101,500
Interest	17,600
Taxable Income	$83,900
Taxes	28,500
Net Income	$55,400
Dividends	$12,000

 

Assume that all costs and accounts payable change spontaneously with sales. For simplicity's sake, assume interest expense also changes spontaneously with sales (even though you know it may not). Fixed assets and depreciation do not vary with sales (assume they stay constant). The tax rate and dividend payout ratios remain constant. If the firm's managers project a firm growth rate of 22% for next year, can you project the pro forma income statement?