10 11 14 16 12 Pathp WED QUESTION 11 11. Based on the 2019 income statement provided, develop the 2020 pro forma income statement. Provide the (a) the 2020 cost of goods sold, (b) 2020 operating expenses, (c) 2020 taxes, and (d) 2020 additions to retained earnings 2020 sales are projected to be $55,000 and dividends of S1,500 will be paid to common stockholders. Use the percentage-of-sales method and assume that interest expenses do not change (10 points) Income Statement Sales $52,300 Cost of poods sold 36,500 Gross profit $15,800 Operating expenses 10,700 Operating income $5,100 Interest expenses 1230 Earnings before taxes $3,870 Taxes (36%) 1,393 Net Income $2.477 TT T Arial 3 (12pt) TEE 5.025 Save All Answers Chick Save and Submit to save and submit. Click Save All Answers to save all answers