3. A proposed new investment has projected sales of $645,000. Variable costs are 40% of sales, and fixed costs are $168,000; depreciation is $83,000. Prepare a pro forma income statement assuming a tax rate of 35%. What is the projected net income? 4. Arnold Layne is considering the sale of a new sound board used in recording studios, which would sell for $27,300. The company expects to sell 1,500 new sound boards per year. The company currently sells 1,850 units of its existing model. If the new model is introduced, sales of the existing model will fall to 1,520 per year. The old board sells for $24,900. Variable costs are 55% of sales, depreciation on the equipment to produce the new board will be $2,150,000 per year, and fixed costs are $3,200,000 per year. If the tax rate is 38%, what is the annual OCF for the project