Suppose in its income statement for the year ended June 30, 2025, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $1,050 Research and development expense $210 Depreciation expense 210 Income tax expense 705 Sales revenue 11,970 Loss on disposal of plant assets 105 Interest expense 420 Cost of goods sold 5,985 Advertising expense 1,050 Rent expense 210 Sales returns and allowances 551 Utilities expense 105 Assume a tax rate of 34%. Assume the marketing department has presented a plan to increase advertising expenses by $630 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 20%. (Hint: Increase both sales revenue and sales returns and allowances by 20%.) (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. Report Net Sales without explicitly showing Sales Revenue and Sales Returns and Allowances individually on the income statement. (Round answers to O decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) LA $ $ SA $ SA > > > tA