4-16 Pro forma income statement The marketing department of Metroline Manulac. turing estimates that its sales in 2020 will be $1.5 million. Interest expense is expected to remain unchanged at $35,000, and the firm plans to pay $70,000 is cash dividends during 2020. Metroline Manufacturing's income statement for the year ended December 31,2019, and a breakdown of the firm's cost of gooh. sold and operating expenses into their fixed and variable components are gives below. a. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2020. b. Use fixed and variable cost data to develop a pro forma income statement for the year ended December 31, 2020. c. Compare and contrast the statements developed in parts a and b. Which statement probably provides the better estimate of 2020 income? Explain why