Q. If the sales are forecasted to be $ 5,213,000 in 2020 for Samsung Group, the additional depreciation in 2020 will be $5,000 and the tax rate 40%. Required: Forecast the 2020 income statement below for Samsung Group by using the method of percentage of sales. Based on the method of percentage of sales analysis, prepare the income statement for 2020. Income Statement For the Years 2019 & 2018 2019 2018 Sales 4,660,000 4,230,000 Cost of Goods Sold 3,250,000 2,864,000 Gross Profit 1,410,000 1,366,000 Selling and G&A Expenses 330,300 240,000 Fixed Expenses 100,000 100,000 Depreciation Expense 20,000 18,900 EBIT 959, 700 1, 007, 100 Interest Expense 76,000 62,500 Earnings Before Taxes 883,700 944,600 Taxes 353,480 377,840 Net Income $530,220 $566,760