7. Problem 3.15 (Income Statement) LO 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 350,000 EBIT $2,800,000 Interest 490,000 EBT $2,310,000 Taxes (40%) 924,000 Net Income $1,386,000 The CEO would like to see higher sales and a forecasted net income of $2,772,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 7%. 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 $2,772,000 in net income? Round your answer to the nearest dollar, if necessary. $