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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Sales Costs Taxable income Taxes (23%) Net income Dividends Income Statement
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Sales Costs Taxable income Taxes (23%) Net income Dividends Income Statement $ 46,500 36,100 $ 10,400 2,392 $ 8,008 $ 3,100 4,908 Addition to retained earnings The projected sales growth rate is 16 percent. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Sales Costs HEIR JORDAN CORPORATION Pro Forma Income Statement Taxable income Taxes Net income
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