Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $48,800 34,800 Taxable income Taxes (22%) $ 14,000 3,080 Net income $ 10,920 Dividends Addition to retained earnings $3,200 7,720 The projected sales growth rate is 17 percent. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. (Input all answers as positive values. Do not round intermediate calculations.) The projected sales growth rate is 17 percent. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. (Input all answers as positive values. Do not round intermediate calculations.) HEIR JORDAN CORPORATION Pro Forma Income Statement Sales Costs Taxable income Taxes Net income What is the projected addition to retained earnings? (Do not round intermediate calculations.) Addition to retained earnings