A proposed new investment has projected sales of $635,000. Variable costs are 44 percent of sales, and fixed costs are $193,000; depreciation 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 Complete the following analysis. Do not hard code values in your calculations Sales Variable costs Fixed costs Depreciation EBT Taxes Net Income +