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A proposed new investment has projected sales of $536,000. Variable costs are 45 percent of sales, and fixed costs are $129,000; depreciation is $50,000. Prepare

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A proposed new investment has projected sales of $536,000. Variable costs are 45 percent of sales, and fixed costs are $129,000; depreciation is $50,000. 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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