FINANCE HELP PLEASE ANSWER

QUESTION 10 You have the following information from 2020 and are looking to forecast 2021. In 2021 you expect sales to be equal to $11 million. Using the "Percent-of-Sales" model, what is the expected net income in 2021, assuming no increases in debt? Account 2020 Information Costs (excluding Depreciation) 74% of Sales Depreciation 6% of Sales Cost of Debt 7% Debt $20 million Taxes 15% of Sales Tax rate 25% O $560,000 5600,000 O $520,000 $450,000 an niis