It is December 31, 2016 and Mr. X needs your help again. He wants you to create his Income Statement for 2016. Please use the following information to create the 2016 Income Statement.

2016 sales were 125% of 2015 sales

Gross profit margin was 55%

Operating profit margins were 15%

Interest expense fell to 7%, given a change in interest rates

The tax rate was 30%

Appendix A1: Good Dog Pet Food Comparative Income Statement ($M) For the Years Ended Dec 31, 2013 to 2016 2013 2014 2015 2016 S 57.43$ 59.89 $15.09 $158.67 $ 41.94$ 42.09 $101.38 $111.91 $ 15.49 17.80 S 43.71 $ 46.76 Sales Cost of Goods Sold Gross Profit Seling and Administration $ 11.47 $ 12.01 $ 20.83 $ 25.11 Depreciation Operating Profit Interest Eamings Before Taxes$ 0.63 $ 0.57 11.47 $ 12.54 Taxes Het LCOATLE $ 1.51$ 2.714.31 $ 4.18 $ 2.52$ 3.08 $ 18.57 $ 17.48 $ 1.88$ 2.51 7.10$ 4.93 $ 0.20$0.18 $ 3.67 $ 4.01 $ 0.43$ 0.39 $ 78O $ 8.53 Appendix A1: Good Dog Pet Food Comparative Income Statement ($M) For the Years Ended Dec 31, 2013 to 2016 2013 2014 2015 2016 S 57.43$ 59.89 $15.09 $158.67 $ 41.94$ 42.09 $101.38 $111.91 $ 15.49 17.80 S 43.71 $ 46.76 Sales Cost of Goods Sold Gross Profit Seling and Administration $ 11.47 $ 12.01 $ 20.83 $ 25.11 Depreciation Operating Profit Interest Eamings Before Taxes$ 0.63 $ 0.57 11.47 $ 12.54 Taxes Het LCOATLE $ 1.51$ 2.714.31 $ 4.18 $ 2.52$ 3.08 $ 18.57 $ 17.48 $ 1.88$ 2.51 7.10$ 4.93 $ 0.20$0.18 $ 3.67 $ 4.01 $ 0.43$ 0.39 $ 78O $ 8.53