fill out the pro forma

2) The following financial statements reflect the first year of operations for the new venture Prepare a pro forma income statement with the following information: Net sales are projected to increase by 50% due to brand awareness. The cost of goods sold will remain 60% of net sales. Selling, general, and administrative expenses are expected to be only 35% of net sales. Depreciation will be 10% of "buildings and equipment." "Buildings and equipment" will remain at $20,000. Interest expense will be 8% of long-term debt. Long term debt is expected to be $50,000. Other expenses will remain at "0" Income tax is 25% of income before tax.- What is the net income expected for this year? Income Statement 2019 Pro-forma (fill in) $400,000 $240,000 $160,000 Net sales Cost of sales Gross profit Operating expenses Selling, general, and administrative expenses Depreciation Operating income Interest expense Other expenses Income before tax Income tax expense Net income $200,000 $2,000 ($42,000) $6,000 So ($48,000) ($48,000)