Income Statement Triple BBB Company For the Year Ended December 31, 2018 Sales Less: Cost of goods sold Gross profits $2,800,000 1,820,000 S 980,000 240,000 Less: Operating expenses $ 740,000 70,000 Operating Profits Less: Interest expense Net profits before taxes S 670,000 268,000 Less: Taxes (40%) $ 402,000 132,000 Net profits after taxes Less: Cash Dividends To: Retained earnings $ 270,000 Triple BBB Company estimates its sales in 2019 will be $3 million. Interest expense is expected to remain unchanged at $70,000, and the firm plans to pay cash dividends of $140,000 during 2019. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2019 based on the 2018 income statement shown above