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A proposed new investment has projected sales of $515,000. Variable costs are 44 percent of sales, and fixed costs are $128,500; depreciation is $49,750. Prepare

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A proposed new investment has projected sales of $515,000. Variable costs are 44 percent of sales, and fixed costs are $128,500; depreciation is $49,750. Prepare a pro forma income statement assuming a tax rate of 24 percent. What is the projected net income? (Input all amounts as positive values. Do not round intermediate calculations.)

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