Year 2 (Forecasted) Cold Goose Metal Works Inc. Income Statement for Year Ending December 31 Year 1 $30,000,000 21,000,000 1,200,000 1,200,000 $7,800,000 780,000 Net sales Less: Operating costs, except depreciation and amortization Less: Depreciation and amortization expenses Operating income (or EBIT) Less: Interest expense Pre-tax income (or EBT) Less: Taxes (25%) Earnings after taxes Less: Preferred stock dividends Earnings available to common shareholders Less: Common stock dividends Contribution to retained earnings 7,020,000 1,755,000 $5,265,000 200,000 $ 5,065,000 1,579,500 $3,485,500 $4,284,812 Given the results of the previous income statement calculations, complete the following statements