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 Variable cost (% of sales) 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 $515,000 36% $173,000 $46,000 21% EBT Taxes (21%) Net Income $515,000 185,400 173,000 46,000

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: (Use cells A6 to B10 from the given information to complete this question.)