A proposed new investment has projected sales of $635,000. Variable costs are 44 percent of sales, and fixed costs are $193,000; depepciation is $54,000. Prepare a pro forma income statement assuming a tax rate of 21 percent. What is the projected net income? Projected sales Variable cost % of sales) Fixed cost Depreciation Tax rate $ 635,000 44% 193,000 54,000 21% Complete the following analysis. Do not hard code values in your calculations. Sales $ 635.000 X D16 fx D E F G J H B 6 7 8 Projected sales Variable cost (% of sales) Fixed cost Depreciation Tax rate $ 635,000 44% 193,000 54,000 21% 9 $ 10 11 12 13 Complete the following analysis. Do not hard code values in your calculations. 14 15 $ 635,000 16 17 18 Sales Variable costs Fixed costs Depreciation EBT Taxes Net Income 19 20 21 22 23