Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (dollars in millions).

Salaries and wages expenses		$ 430		Research and development expense		$ 115
Depreciation expense		90		Income tax expense		198
Sales revenue		6,265		Loss on disposal of plant assets		45
Interest expense		531		Cost of goods sold		3,660
Advertising expense		445		Rent expense		95
Sales returns and allowances		265		Utilities expense		55

C1)Assume the marketing department has presented a plan to increase advertising expenses by $369 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. Assume a tax rate of 34%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.)

THE CLOROX COMPANY Income Statement (amounts in millions) S eTextbook and Media List of Accounts Attempts: 0 of 2 used Submit Answer Save for Later Using multiple attempts will impact your score 10% score reduction after attempt 1