Problem 1 You are a member of the accounting staff of Delta Corporation (the Company). The owner of the Company has recently asked you to help her in projecting the Company's net income for the next 5 years. This information has been requested by Truist Bank (Truist). Truist provides the Company with a combination of long and short term bank financing. In connection with this request, the owner gave you the following information. Expected gross profit percentage Net sales Cost of goods sold Gross profit Selling, general, and adminstrative expenses Net income or loss Year 1 2 of 6 100,000 Year 2 5,000 25.00% 30.00% 20.00% 40.00% Year 3 Year 4 7,000 Year 5 10.00% 200,000 400,000 200,000 600,000 10,000 8,000 20,000 Required 1. Based on the information given to you by the Company owner, for each of the years 1-5 complete, in the chart above, the line items cost of goods sold, gross profit, and net income.