Diana, the CFO of JumpStart Corporation, is seeking your expertise to create a pro-forma income statement for the firm, projecting its financials for the year ending December 2024. She has requested the application of the percentage of sales method in formulating this income statement. As a first step, you conduct market research to identify and analyze three direct competitors of JumpStart Corporation. Obtaining their financial statements from the U.S. Securities and Exchange Commission's website (www.sec.gov), you compile a detailed table showcasing the average expenses of these competitors as a percentage of their sales: - Sales: 100% - Cost of Goods Sold: 45% - Selling, General, and Administrative Expense (SG&A): 20% - Other Operating Expenses: 3% - Depreciation Expense: 6% - Interest Expense: 8% Simultaneously, the Marketing Director at JumpStart Corporation provides you with the following sales forecast: - 2023: $180,000 - 2024: $240,000 - 2025 and Beyond: Expected to grow at the industry average growth rate of 7% Assuming a tax rate of 25% for JumpStart Corporation, the company anticipates the need for $80,000 in property, plant, and equipment (PP&E) at the end of 2023. This asset is expected to depreciate on a straight-line basis over five years, reaching zero salvage value. No other property, plant, and equipment transactions are projected for the next three years. Diana is planning on financing the PP&E expenditure by taking out a loan for $70,000 at 10% annual interest rate. With these details in mind, your task is to utilize the percentage of sales method and the provided information to construct a pro-forma income statement for JumpStart Corporation for the fiscal year ending December 2024. Based on the above data the SG&A expense for 2024 is?