Finish attemp Time left 0:5 Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2019, for Alis, Inc. The estimated sales in 2019 is $7,000. Interest expense is to remain fixed at $160. The income statement for the year ended December 31, 2018 is shown below. Prepare the pro-forma income statement for 2019. ( 200-) Items Income statement, Dec. 31, 2018 Pro forma Income statement, Dec.31, 2019 Sales Revenue 5200 Cost of goods sold -3120 Gross profits 2080 Operating expenses -520 Operating profits 1560 Interest expense -160 Net profits before taxes 1400 Taxes (40%) -560 Net profits after taxes 840