The following data (dollar amounts in millions) are from the financial statements of Valley Corporation:
Average stockholders€™ equity............................... $5,400
Interest expense................................................... $ 800
Operating income as a percent of sales................ 25%
Rate of return on stockholders€™ equity ................ 10%
Income tax rate ................................................... 40%

Requirement
1. Complete the following condensed income statement. Report amounts to the nearest milliondollars.

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Sales Operating expense. Operating income. Interest expense.. ncome. Income tax expense. Net income..