Evelyn Kent€™s projected statement of income for 2013 is as follows:

Prepare Evelyn Kent€™s projected statements of income for 2014, 2015, and 2016 based on the following annual inflation rates: revenue (3%), cost of sales (2.5%), administrative expenses (2.0%), and distribution costs (3.0%). The income tax rate is30%.

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In dollars Revenue Cost of sales Gross profit 600.0000 400,000 200,000 (50,000) (75,000) 25,000 3 Distribution expenses Depreciation Total expenses Profit before taxes 150.000 50,000 15,000 35.000 Income tax expense Profit for the year