Income statement for 2021 Line item Sales Amount ($) 490,000 - COGS 196,000 = Gross profit 294,000 - SG&A 98,000 - Depreciation 49,000 = Operating profit 147,000 - Interest 25,000 = Taxable income 122,000 - Taxes (28%) 34,160 = Net income 87,840 Sales are expected to increase to $588,000 in 2022, while interest expenses and the average tax rate are expected to stay constant. Part 1 Attempt 1/20 for 10 pts. Prepare a pro forma income statement for 2022 using the percent-of-sales method. What is the expected net income? 0+ decimals Submit Part 2 We also know the break-down into fixed and variable costs for 2021: Attempt 1/20 for 10 pts. Fixed costs Variable costs COGS SG&A 147,000 24,500 49,000 73,500 Prepare a pro forma income statement for 2022 using the percent-of-sales method and distinguish between fixed and variable costs. What is the expected net income? 0+ decimals