The income statement, also known as the profit and loss (Psi) statement, provides a snapshot of the financial performance of a company during a specned period of time. It reports afirm's gross income, expenses, net income, and the income that is available for distribution to its preferred and The income statement is prepared using the generaay accepted accounting priniples (GAAP) thrt match the firm's revenuesand expenses to the period in which they were inarmed, not when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition. Consider the following scenario: aute Camel woodcraft Company's income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next ate Camel is able to achieve this level of increased sales,but its interest costs increase from 10w.to15%of earnings before interest and 2. The company's operating costs (excluding depreciation and amortization) emain at TS% of net sales, and its depreciation and amortization expenses remain constant from year to year. 3. The company's tax rate remains constant at 40% of its pre-tax income or earnings before taxes (EBT. 4. in Year 2. cute camelexpects to pay s100,000 and ses6,613 of preferred and common stock dividends, respectively. Comeete the Year 2 statement data for anecame, then answer the questions that follow. Be sure to round each dolar value to the nearest whole Cute Camel W ood craft Company Income Statement for Year Ending December 31 Year 2 Year 1 Less: operating costs, except depreciation and amortization 7,500,000 Less: Depreciation and amortization expenses 210,000 Pre-tax income (or Less: Taxes (40%) 134,000 Less: Preferred stock drvidends