Problem 2-11 Income and Cash Flow Analysis The Berndt Corporation expects to have sales of $14 million. Costs other than depreciation are expected to be 80% of sales, and depreciation is expected to be $1.4 million. All sales revenues will be collected in cash, and costs other than depreciation must be paid for during the year. Brendt's federal-plus-state tax rate is 35%. Berndt has no debt. a. Set up an income statement. What is Berndt's expected net income? Enter your answer in dollars. For example, an answer of $1.2 milion should be entered as 1,200,000. What is Berndt's expected net cash flow? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000