7. Problem 3.15 (Income Statement) eBook Problem Walk-Through Edmonds Industries is forecasting the following income statement: Sales $9,000,000 Operating costs excluding depreciation & amortization 4,950,000 EBITDA $4,050,000 Depreciation and amortization 630,000 EBIT $3,420,000 Interest 900,000 EBT $2,520,000 Taxes (25%) 630,000 Net Income $1,890,000 The CEO would like to see higher sales and a forecasted net income of $3,160,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 9%. 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 $3,160,000 in net income? Round your answer to the nearest dollar, if necessary. $