A proposed new investment has projected sales of $522,000. Variable costs are 42 percent of sales, and fixed costs are $127,500; depreciation is $49,250. Prepare a pro forma income statement assuming a tax rate of 22 percent. What is the projected net income? (Input all amounts as positive values. Do not round intermediate calculations.)

A proposed new investment has projected sales of $522,000. Variable costs are 42 percent of sales, and fixed costs are $127,500; depreciation is $49,250. Prepare a pro forma income statement assuming a tax rate of 22 percent. What is the projected net income? (Input all amounts as positive values. Do not round intermediate calculations.)

Sales$

Variable costs

Fixed costs

Depreciation

EBT$

Taxes

Net income$