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Set up an income statement using the following information: The Craig Corporation expects to have sales of $12 million. Costs other than depreciation are expected

Set up an income statement using the following information:

The Craig Corporation expects to have sales of $12 million. Costs other than depreciation are expected to be 75% of sales, and depreciation is expected to be $1.5 million. All sales revenues will be collected in cash, and costs other than depreciation must be paid for during the year. The federal tax rate is 21% (ignore any possible state corporate taxes). Craig has no debt.

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