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The Berndt Corporation

expects to have sales of $15 million. Costs other than depreciation are

expected to be 80% of sales, and depreciation is expected to be $0.5 million. All sales revenues will

be collected in cash, and costs other than depreciation must be paid for during the year. Berndt's

federal‒plus‒state tax rate is 40%. Berndt has no debt. a. Set up an income statement. What is

Berndt's expected net cash flow?

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