Recent income statements for a clothing retailer are shown below. Using the information provided on growth rates and relationships within the income statement and create a forecasted income statement for the company for Year 4. Net sales growth Gross margin percent Stores and distribution expense as a % of sales Marketing, general, and administrative expense as a % of sales Other operating expense (income) Interest income (expense) Tax expense from continuing operations (% of pretax income) ($ thousands) Net sales Cost of goods sold Gross profit For the Homework Quiz questions associated with the exercise, you will be instructed to format all answers as positive amounts with commas, rounded to the nearest whole number with no dollar sign in front. Operating expenses Stores and distribution expense Marketing, general and administrative expense Other operating expense (income) Total operating expenses Operating income Interest income (expense) Income before taxes Tax expense Net income Year 1 $ 3,468,777 Forecasted Income Statement 1,251,348 2,217,429 1,589,501 400,804 (10,056) 1,980,249 237,180 (3,362) 233,818 78,109 $ 155,709 Year 2 $ 4,158,058 1,607,834 2,550,224 1,888,248 437,120 3,472 2,328,840 221,384 (3,577) 1.10% 63% 44% 11% 217,807 ($19,333) ($7,288) 35% 74,669 Year 3 $ 4,510,805 1,694,096 2,816,709 1,987,926 473,883 (19,333) 2,442,476 The following questions will be used for inform your posts for the Week 5 Discussion 374,233 (7,288) 366,945 129,934 $ 143,138 $ 237,011 Is this company forecasted to perform better or worse in Year 4 than in subsequent years? Provide support for your conclusion using the resulting trends from the projections provided for the income statements. Year 4 Forecast