Under the assumption that KMS's market share will increase by 0.25% per year, you determine that the plant will require an expansion in 2021. The expansion will cost $20.0 million. Assure 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 6.8%, 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 2020 2021 2022 2023 2024 Depreciation (000) $5,492 $5,443 $7,398 $7,459 $7,513 $7,561 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 retum of standard depreciation practices during your career. Data table Complete the following to determine the net income for each year: (Round to the nearest integer.) Income Statement (000) 2020 2021 2022 2023 2024 2019 74,890 S 2023 Sales S S 82.344 $ 90.341 $ 99,056 $ 118,916 (92,754) (Click on the following icon e in order to copy its contents into a spreadsheet.) Current values (000) 2019 2020 2021 2022 Outstanding Debt S4,500 $4,500 $4,500 $4,500 Interest on Debt $306 S306 $306 $306 2024 $4,500 5306 (58,414) (64,228) (70.466) (77264) $4,500 $308 108,555 $ (84.673) $ $ $ $ Cost of Goods Sold EBITDA S $ $ $ $ $ $ S S $ $ Depreciation EBIT 2019 2020 S74.890 S82.344 -58,414 - 64,228 2021 2022 2023 2024 $90,341 $99,056 $108,555 $118,916 - 70,466 - 77,284 -84,673 - 92.754 S S $ $ $ $ S SI S $ $ Interest Expense Pre-tax Income S S $ $ $ Income Statement (000) Sales Cost of Goods Sold EBITDA Depreciation EBIT Interest Expense Pre-tax Income Taxes Net Income $ $ $ $ $ $ $ $ $ $ Taxos S S S $ $ $ $ Net Income S $ ? ? ? ? ? Etext pages