Integrative-Pro forma statements Provincial Imports, Inc., has assembled past (2019) financial statements (income statement and balance sheet ) and financial projections for use in preparing financial plans for the coming year (2020). Information related to financial projections for the year 2020 is as follows: (1) Projected sales are $6,001,000. (2) Cost of goods sold in 2019 includes $1,003,000 in fixed costs. (3) Operating expense in 2019 includes $248,000 in fixed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securities, notes payable, long-term debt, and common stock will remain unchanged. (8) Accounts receivable, accounts payable, and other current liabilities will change in direct response to the change in sales. (9) A new computer system costing $361,000 will be purchased during the year. Total depreciation expense for the year will be $112,000. (10) The tax rate will remain at 40%. a. Prepare a pro forma income statement for the year ended December 31, 2020, using the fixed cost data given to improve the accuracy of the percent-of-sales method.