please give detail explanation prefer written or typed out no excel please.

3-15 INCOME STATEMENT Edmonds Industries is forecasting the following income statement: Sales $10,000,000 5,500,000 Operating costs excluding depreciation and amortization EBITDA $ 4,500,000 1,200,000 Depreciation and amortization $ 3,300,000 EBIT 500,000 Interest $ 2,800,000 EBT 700,000 Taxes (25%) $ 2,100,000 Net income The CEO would like to see higher sales and a forecasted net income of $3,000,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 6%. The tax rate, which is 25%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $3,000,000 in net income? 3-15 $12,893,333. 214 Dr - $1.310 million