7. Problem 3.15 (Income Statement) eBook Problem Walk-Through Edmonds Industries is forecasting the following income statement: Sales $7,000,000 Operating costs excluding depreciation & amortization 3,850,000 EBITDA $3,150,000 Depreciation and amortization 490,000 EBIT $2,660,000 Interest 630,000 EBT $2,030,000 Taxes (25%) 507,500 Net income $1,522,500 The CEO would like to see higher sales and a forecasted net income of $2,680,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 11%. The tax rate, which is 25%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $2,680,000 in net income? Round your answer to the nearest dollar, if necessary. $