Use an Excel spreadsheet for assignment, with formulas showing all calculations. All numbers should be in thousands of dollars.

Construct an Income Statement for VEC Manufacturing, for the year ending December 31, 2020, given the following information.

• Total Sales was $456 million.
• Other Expenses (excluding Depreciation & Amortization) was $20.3 million.
• EBITDA was 20.5% of Sales.
• Depreciation & Amortization was 5% of Gross Fixed Assets.
• Interest Expense was 8.4% of Long-Term Debt.
• The corporate tax rate for VEC Manufacturing is 25%.
• Net Fixed Assets at the start of 2020 was $287 million. Accumulated Depreciation at the start of 2020 was $123 million. No new fixed assets were acquired during 2020, and none were sold or retired.
• Long-Term Debt on December 31, 2019 totaled $232 million. The next principal payment will take place on December 31, 2022. No additional interest-bearing debt was incurred during 2020.