Complete the Year $2$ income statement data for Cute Camel, then answer the questions that follow. Be sure to round each dollar value to the nearest

whole dollar.

Cute Camel Woodcraft Company

Income Statement for Year Ending December $31$

Year $1$

$$15,000,000$

Net sales

Less: Operating costs, except depreciation and amortization

Less: Depreciation and amortization expenses

Operating income $($or EBIT$)$

Less: Interest expense

Pre$-$tax income $($or EBT$)$

Less: Taxes $(25\%)$

Earnings after taxes

Less: Preferred stock dividends

Earnings available to common shareholders

Less: Common stock dividends

Contribution to retained earnings

Year $2($Forecasted$)$

$10,500,000$

$600,000$

$$3,900,000$

$390,000$

$3,510,000$

$877,500$

$$2,632,500$

$100,000$

$2,532,500$

$1,053,000$

$$1,479,500$

$$1,822,062$

Given the results of the previous income statement calculations, complete the following statements: