Attempts: Keep the Highest: /0.5 7. Problem 3.15 (Income Statement) eBook Problem Walk-Through Edmonds Industries is forecasting the following income statement: Sales $8,000,000 Operating costs excluding depreciation & amortization 4,400,000 EBITDA $3,600,000 Depreciation and amortization 1,120,000 EBIT $2,480,000 Interest 640,000 $1,840,000 Taxes (25%) 460,000 Net income $1,380,000 The CEO would like to see higher sales and a forecasted net income of $2,440,000. 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 $2,440,000 in net income? Round your answer to the nearest dollar, if necessary. $