The income statement, also known as a profit and loss (P8et) statement, provides a snapshot of a compary/' financial performance during a specified period of time. It reports a firm's gross income, expenses, nec income. and the income that a available for distrbution to 7 s preferred and comimon shareholders. The income statement is prepared using the generally accepted accounting principles (GApp) that match the firm's revenues and expenses to the period in which they are incurred, not nocessarily when cash is recelved or paid. Imvestors and aralysts cse the infornation presented in the income ntatement, and the other financial statements and reports, to evaluate the company/s financial performance and condicion. Consider the following scenariod Blue Harnster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's cEO would like sales to increase by 25 . next year. 1. Blue Hamster is able to achieve this level of increased sales. but its interest corts increase from 10 . to 15l. of earnings before tnterest and taxes (EeIT). 2. The company/s operating costs (excluding depreciation and amortization) remoin at 60.0056 of net sales, and its depreciation and amvortization expenses remain constant from year to year. 3. The company's tax rate remains constant at 40% of its pre-tax inceme or earnings before taxes (EDT). 4. In Year 2, Blue Hamster expects to pay $200,000 and $1,055,700 of preferred and common stock dividends, respectivell. Complete the Year 2 incorne statement daty For Blue Hanater, then answer the questops dhat follow Round each dollar value fo the neanert whet collar