\begin{tabular}{|l|r|r|} \hline & Income Statement \\ \hline & & \\ \hline sales & 2020 & 2021 \\ \hline cost of goods sold & 3,600,000 & 3,300,000 \\ \hline gross margin & 2,300,000 & 2,250,000 \\ \hline & 1,300,000 & 1,050,000 \\ \hline selling and administrative expenses & & \\ \hline depreciation expenses & 650,000 & 600,000 \\ \hline total operating expenses & 90,000 & 100,000 \\ \hline operating income & 740,000 & 700,000 \\ \hline less: interest expenses & 560,000 & 350,000 \\ \hline taxes & 54,000 & 52,000 \\ \hline net profit & 91,000 & 58,000 \\ \hline \end{tabular} Use your 2021 Income Statement as your base, and then make the adjustments listed below in order to construct a 2022 Pro Forma Income Statement. Pro Forma Income Statement for 2022 includes the following Management assumptions. 1) Sales for existing business will remain at $3,300,000, but add $500,000 for new clothing line. 2) Cost of Goods Sold for existing business will remain at $2,250,000. Add $300,000 to Cost of Goods Sold for new clothing line. 3) Selling and Administrative Expenses will increase by 15% with new line. 4) Assume Interest will be $50,000 in 2022. 5) Assume Taxes will be 30\% of Eamings Before Taxes for 2022