4) (5 points) Income Statement Huddleston Manufacturing Company For the Year Ended December 31, 2018 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 $2,800,000 1.820.000 $ 980,000 240,000 $ 740,000 70,000 $ 670,000 268,000 $ 402,000 132.000 $ 270,000 Huddleston Manufacturing estimates its sales in 2019 will be $3 million. Interest expense is expected to remain unchanged at $70,000, and the firm plans to pay cash dividends of $140,000 during 2019. Cost of goods sold includes $200,000 in fixed costs, and operating expenses include 550,000 in fixed costs. Use the fixed/variable expense method to prepare a pro forma income statement for the year ended December 31, 2019, based on the 2018 income statement shown above