4) (5 points) Income Statement Elliott Manufacturing Company For the Year Ended December 31, 2021 Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating Profits Less: Interest expense Net profits before taxes Less: Taxes (40%) Net profits after taxes Less: Cash Dividends To: Retained earnings $3,000,000 1 800,000 $1,200,000 240,000 $ 960,000 80,000 $ 880,000 352.000 $ 528,000 150,000 $ 378,000 Elliott Manufacturing estimates its sales in 2022 will be $3.5 million. Interest expense is expected to remain unchanged at $80,000, and the firm plans to pay cash dividends of $200,000 during 2022. Use the percentage of sales expense method to prepare a pro forma income statement for the year ended December 31, 2022, based on the 2021 income statement shown above