Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 2,330 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 6,268 Other nonoperating income, net 373 Interest expense 1,444 Income before income taxes 5,197 Income tax provision 547 Net income 4,650 Net income loss attributable to noncontrolling interests 19 Net income attributable to Medtronic $ 4,631 Use the following assumptions to prepare a forecast of the company's income statement for FY2020. Net sales increase 8% Cost of products sold 30.8% of net sales Research and development expense 7.6% of net sales Selling, general, and administrative expense 34.1% of net sales Amortization of intangible assets 5.8% of net sales Restructuring charges, net 75% of 2019 restructuring expense Certain litigation charges, net $150 million Other operating expense, net No change in $ amount Interest expense. No change in $ amount Income tax provision 15% of pretax income Income attributable to noncontrolling interests No change Instructions: Round answers to the nearest whole number. Use rounded answers for any subsequent computations. Do not use negative signs with any of your answers. April 2020 $ MEDTRONIC PLC Forecasted Income Statement Net sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges, net Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision Net income Net income attributable to noncontrolling interests Net income attributable to Medtronic $