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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $48,200 34,000 Taxable income Taxes (23%) $14,200 3,266

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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $48,200 34,000 Taxable income Taxes (23%) $14,200 3,266 Net income $10,934 Dividends Addition to retained $2,600 8,334 earnings The projected sales growth rate is 14 percent. Prepare a pro form payout ratio is constant. (Input all answers as positive values. Do not round intermediate calculations.) a income statement assuming costs vary with sales and the dividend

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