Provided below is a company's income statement for the most recent year, 20X1, and information for forecasting year 20X2 (dollars in millions).

	20X1	20X2 (Forecast)
Revenue	$620
Cost of goods sold	320
SG&A expenses	170
Depreciation	64	56
Operating income	66
Interest income (expense)	(16)	12
Other income (expense)	6	(9)
Income before taxes	50
Tax expense	10
Net income	$40

In addition to the amounts above, an analyst provides the following assumptions in forecasting 20X2:

• Revenue will grow by 14% in year 20X2.
• Cost of goods sold and SG&A expenses are expected to grow in proportion to revenue.
• Tax expense is expected to be 25% of pre-tax income.

Use the information above to prepare a forecasted income statement for 20X2. Recall that some forecast amounts have been pre-filled in the 20X2 income statement. Then, answer the questions below.

a. What is forecast revenue?

b. What is forecast cost of goods sold?

c.What is forecast income before taxes?

d.What is forecast net income?