Given the U.S. election Fuax News is expecting an 12% increase in sales for 2020. Faux knows that depreciation expense will remain at $15,000 in 2020 and interest expense is expected to increase to $25,000. Use the percentage of sales method and the 2019 income statement provided below to prepare a proforma income statement for Faux News. Faux News Income Statement - December 31 2019 Sales $965,000 Cost of Goods Sold $615,000 Gross Profit $350,000 Selling expense $52,000 General and Administrative expense $24,000 Depreciation Expense $15,000 Earnings before Interest and taxes $259,000 Interest expense $23,000 Earnings before taxes $236,000 Taxes (35%) $82,600 Net profit $153,400