Fly X Inc. Income Statement $2019$: Revenue $24,092,400(100\%)$ COGS $17,982,000(75\%)$ Gross Profit $6,110,400$ SG&A $2,878,800(12\%)$ Depreciation $786,000(3\%)$ EBIT $2,445,600(10\%)$ Interest $434,400(2\%)$ EBT $2,011,200(8\%)$ Taxes $(40\%)804,480(3\%)$ Net income $1,206,720(5\%)$ Dividends $246,000(1\%)$ add to retained earning $960,720(4\%)$ We consider current $($observed$)$ sales and determine a forecasted growth rate to arrive at a projected revenue number. Assume revenue will increase to $25,297,020($a $5\%$ increase$).$ We consider each line of the income statement and either hold it at current levels $($ if we don't think scales with sales$)$ or make the entry a percentage of our projected sales number. In the case of taxes, we use the appropriate tax rate, assume the tax rate is $40\%.$ COGS is $74\mathrm{.}6\%$ of sales and SG&A is $11\mathrm{.}9$ of sales, these are the only numbers that scale with sales. If the company's sales increase by $5\%$ to $25,297,020,$ then how much will future COGS and SG&A expenses be$?$ Create a pro forma income statement for base case.