The management of Coker Corp is doing a quick forecast of 20X9 using the modified percentage of sales method in preparation for a more detailed planning exercise later in the month. The estimate is to assume a 10% growth in sales. All other line items are to be assumed to grow at the same rate except for fixed assets which is projected to increase by $88,000 due to an expansion program already underway. Approximate financial statements for the current year, 20X8, and a planning worksheet are shown below. The firm pays 9% interest on all of its debt. Assume the tax rate is a flat 25%. There are no plans for dividends or the sale of additional stock next year. Make a forecast of Coker's complete income statement and balance sheet. Work to the nearest thousand dollars. What is planned net income for 20X9?

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COKER CORP CURRENT AND PROJECTED INCOME STATEMENTS (S000) Revenue COGS Gross Margin $642 289 $353 Expenses $240 EBIT Interest (9%) EBT Inc Tax (25%) Net Income $113 $ 80 $25 $55 COKER CORP CURRENT AND PROJECTED BALANCE SHEETS ASSETS LIABILITIES &EQUITY 20X8 20X9 20X8 20X9 C/A $198 FIA Total $750 C/L 87 Debt 325 Equity 338 Total $750 552