7. Problem 3.15 (Income Statement) cBook Problem Walk-Through Edmonds Industries is forecasting the following income statement: Sales $12,000,000 Operating costs excluding depreciation & amortization 6,600,000 EBITDA $5,400,000 Depreciation and amortization 1,200,000 EBIT $4,200,000 Interest 840,000 EBT $3,360,000 Taxes (40%) 1,344,000 Net Income $2,016,000 The CEO would like to see higher sales and a forecasted net income of $3,931,200. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 5%. The tax rate, which is 40%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $3,931,200 in net income? Round your answer to the nearest dollar, if necessary