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Pro forma income statement the marketing department of Metroline Manufacturing estimates that its sales next year will be $1.51 million. Interest expense is expected to remain unchanged at $34,000, and the firm plans to pay $67.000 in cash dividends. Metroline Manufacturing's income statement for the previous year is given along with a breakdown of the firm's cost of goods sold and operating expenses into their fixed and variable components. a. Use the percent-of-sales method to prepare a pro forma income statement for next year. b. Use fixed and variable cost data to develop a pro forma income statement for next year. c. Compare and contrast the statements developed in parts a and b. Which statement probably provides the better estimate of income? Explain why: a. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2020 Complete the pro forma income statement for the year ended December 31, 2020 below. (Round the percentage of sales to four decimal places and the pra forma income statement amounts to the nearest dollar.) Pro Forma Income Statement Metroline Manufacturing, Inc. for the Year Ended December 31, 2020 (percent-of-sales method) Metroline Manufacturing Income Statement for the Year Just Ended Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Cash dividends To retained earnings $1,396,000 919,000 $477,000 117,000 $360,000 34,000 $326,000 130,400 $195,600 61,000 $134,600 Metroline Manufacturing Breakdown of Costs and Expenses into Fixed and Variable Components for the Year Just Ended Cost of goods sold Fixed cost $203,000 Variable cost 716,000 Total cost $919.000 Operating expenses Fixed expenses $38,000 Variable expenses 79,000 Total expenses $117,000 Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales next year will be $1.51 million. Interest expense is a. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2020 Complete the pro forma income statement for the year ended December 31, 2020 below. (Round the percentage of sales to four decimal places and the pro forma income statement amounts to the nearest dollar) Pro Forma Income Statement Metroline Manufacturing, Inc. for the Year Ended December 31, 2020 (percent-of-sales method) Sales $ 96 Less Cost of goods sold Gross profits Less Operating expenses $ Sales $ 95 $ $ Less: Cost of goods sold Gross profits Lens: Operating expenses Operating profits Less: Interest expense Net profits before taxes Less: Taxes Net profits after taxes Less: Cash dividends To retained earnings $ $ $