Premium Foods' 2019 income statement is shown on the attachment. "Notes Payable" of $2,500 (amount in thousands) appears on Premium Foods' 2019 balance sheet. Premium Foods' management has made the following projections and assumptions for 2020:

1) 2020 sales are projected to increase by 10% over their 2019 level.

2) In 2020, the company plans to pay out 50 percent of its "Net Income" as dividends; the other 50 percent of "Net Income" will be additions to "Retained Earnings," as in 2019.

3) An interest rate of 5 percent applies in 2020 to the debt balance ("Notes Payable" at the beginning of the year).

4) An income tax rate of 22% applies in 2020, as in 2019.

Construct the projected 2020 income statement using the "Forecasted Financial Statements" (FFS) method. Assume the firm operated at full capacity in 2019.

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