Utilizing the fictitious company Tag-It Corporation, prepare next year's forecast with a pro forma income statement. Here is the current income statement for Tag-lt: Download the income statement. Additionally, Tag-It's CEO has predicted a 15% increase in total revenue next year. Utilizing the percentage of sales method, prepare a forecast for next year in the correct section on the Excel spreadsheet. 1. The total revenue numbers over the past 4 years for Tag-It Corporation were as follows (values in millions): 0 73,785 o 69,495 o 71,879 0 75,356 2. Determine whether you think Tag-It can hit the target of a 15% increase in sales next year. Prepare a 5 page report that includes a pro forma forecast using the template provided and an analysis of Tag-It's ability to hit the 15% increase in sales in a separate word document. ACTUAL FORECAST 2018 2019 S S S 71,879 (51,125) 20,754 A (14,248) Total Revenue Cost of Revenue Gross Profit Operating Expenses: Selling, General, and Administrative Research and Development Special Income/Other Charges Total Operating Expenses Operating Income Net Interest Income Pre-Tax Income Provision for Income Tax (19.5%) Net Income S S S S S S (2.194) (16,442) 4,312 (666) 3,646 (711) 2,935 S