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A proposed new investment has projected sales of $ 5 1 5 , 0 0 0 . Variable costs are 3 8 percent of sales,

A proposed new investment has projected sales of $515,000. Variable costs are 38 percent of sales, and fixed costs are $131,500; depreciation is $51,250. Prepare a pro forma income statement assuming a tax rate of 25 percent. What is the projected net income? (Input all amounts as positive values. Do not round intermediate calculations.)
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