A proposed new investment has projected sales of $515,000. Variable costs are 36 percent of sales, and fixed costs are $173,000; depreciation is $46,000. Prepare a pro forma income statement assuming a tax rate of 21 percent. What is the projected net income? Input area: Projected sales $515,000 Variable cost (% of sales) 36% $173,000 $46,000 21% Fixed cost Depreciation Tax rate (Use cells A6 to B10 from the given information to complete this question.) Output area: Sales Variable costs Fixed costs Depreciation EBT Taxes (21%) + Net Income