Under the assumption that KMS's market share will increase by 0.23% per year, you determine that the plant will require an expansion in 2021. The expansion will cost $21.5 million. Assume the following: the debt financing of the expansion will be delayed accordingly (end of 2021), KMS uses a ten-year bond, interest rates remain the same at 7.3%, and KMS's tax rate is 25%. KMS projects the following depreciation: (Click on the following icon in order to copy its contents into a spreadsheet.) 2019 $5,522 2020 $5,465 2021 S7.425 2022 S7,439 2023 $7,543 2024 $7,586 Depreciation (000) Using this information and the data given here project net income through 2024. The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career. Complete the following to determine the net income for each year. (Round to the nearest integer.) X Data table Income Statement (000) Sales 2019 74,950 S S (60,710) (Click on the following icon in order to copy its contents into a spreadsheet.) Cost of Goods Sold EBITDA S S S sl S Current values (000) Outstanding Debt Interest on Debt 2019 $4,775 $349 2020 $4,775 $349 2021 $4,775 $349 2022 $4.775 $349 2023 $4.775 $349 2024 $4,775 $349 Depreciation EBIT Interest Expense Pre-tax Income 2019 $74.950 -60,710 2020 $82,415 -66,756 2021 $90,425 - 73,244 sl S sl S SI S S 2022 $99,520 -80,611 2023 $108,601 - 87,967 2024 $119,020 -96,406 Taxes Net Income Income Statement (000) Sales Cost of Goods Sold EBITDA Depreciation EBIT Interest Expense Pre-tax Income Taxes Net Income 2 ? ? ? ? 2 Print Done Under the assumption that KMS's market share will increase by 0.23% per year, you determine that the plant will require an expansion in 2021. The expansion will cost $21.5 million. Assume the following: the debt financing of the expansion will be delayed accordingly (end of 2021), KMS uses a ten-year bond, interest rates remain the same at 7.3%, and KMS's tax rate is 25%. KMS projects the following depreciation: (Click on the following icon in order to copy its contents into a spreadsheet.) 2019 $5,522 2020 $5,465 2021 S7.425 2022 S7,439 2023 $7,543 2024 $7,586 Depreciation (000) Using this information and the data given here project net income through 2024. The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career. Complete the following to determine the net income for each year. (Round to the nearest integer.) X Data table Income Statement (000) Sales 2019 74,950 S S (60,710) (Click on the following icon in order to copy its contents into a spreadsheet.) Cost of Goods Sold EBITDA S S S sl S Current values (000) Outstanding Debt Interest on Debt 2019 $4,775 $349 2020 $4,775 $349 2021 $4,775 $349 2022 $4.775 $349 2023 $4.775 $349 2024 $4,775 $349 Depreciation EBIT Interest Expense Pre-tax Income 2019 $74.950 -60,710 2020 $82,415 -66,756 2021 $90,425 - 73,244 sl S sl S SI S S 2022 $99,520 -80,611 2023 $108,601 - 87,967 2024 $119,020 -96,406 Taxes Net Income Income Statement (000) Sales Cost of Goods Sold EBITDA Depreciation EBIT Interest Expense Pre-tax Income Taxes Net Income 2 ? ? ? ? 2 Print Done