4) (5 points) Income Statement Huddleston Manufacturing Company For the Year Ended December 31, 2020 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 $1,200,000 250,000 $ 950,000 80,000 S 870,000 348.000 $ 522,000 150.000 $ 372,000 Huddleston Manufacturing estimates its sales in 2021 will be $3.2 million. Interest expense is expected to remain unchanged at $80,000, and the firm plans to pay cash dividends of S175,000 during 2021. Cost of goods sold includes $200,000 in fixed costs, and operating expenses include $50,000 in fixed costs. Use the fixed/variable expense method to prepare a pro forma income statement for the year ended December 31, 2021, based on the 2020 income statement shown above 1