Problem 2-37 Income Statement (LG2-1) Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales $19.800 Less: Cost of goods sold 9.100 Gross profits $10.700 Less: Other operating expenses 4.200 Earnings before interest, taxes, depreciation, and amortization (EBITDA) Lessi Depreciation Earnings before interest and taxes (EBIT) Less: Interest $6.500 3.900 $ 2.600 0.845 $1.755 0.369 $1.386 Earnings before taxes (EBT) Less: Taxes Net income The CEO of Tom and Sue's wants the company to earn a net income of $3.250 million in 2022. Cost of goods sold is expected to be 50 percent of net sales, depreciation and other operating expenses are not expected to change, interest expense is expected to increase to $1.311 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $3.250 million. (Enter your answer in millions of dollars rounded to 3 decimal places.) Net sales million