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Price per unit and fixed costs are expected to increase by an average annual rate of inflation of 3%. Also assume that variable costs as

Price per unit and fixed costs are expected to increase by an average annual rate of inflation of 3%. Also assume that variable costs as a percent of sales will remain constant at 60%. The corporate tax rate will remain constant at 40% as well. Finally, assume unit sales are projected to grow at a rate of 18%, 16%, 8% and 6% for 2019-2022 respectively. In 2018, the fIxed cost was $600,000, interest was $120,000, preferred stock dividends were $150,000, and common shares outstanding was 1,000,000. We assume that interest, preferred stock dividends and common shares outstanding keep constant overtime. The unit sales was 160,000 and the price was $25.5 in 2018. Please complete the following income statement and

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