C. Answer the problem below and forecast the Income statement using percent of Sales Method. Follow the format given from the illustrative case presented from page 8 to 10. The Gospel Company has the following statements, which are representative of the company's historical average. Gospel Company Income Statement For the year ended Dec. 31, 2018 Sales P 2,500,000 Cost of Sales (1,500,000! Gross prot 1,000,000 Operating expenses 380 000! Earnings before interest and taxes 620,000 Interest expense 80 000 Earnings before taxes 540,000 Taxes (35%] 189,500! Net income/Earnings after taxes P 350,500 Dividends P 140,200 Additional information: 1. The firm is expecting a 25% increase in sales next year. 2. The company expecting to declare 30% of dividend Required: 1. Prepare the projected income statement of Gospel Company. (30 points) 2. How much is the net income? (5 points) 3. How much is the dividend? (5 points)