Intro Income statement for 2019 Line item Sales - COGS = Gross profit - SG&A - Depreciation = Operating profit Interest = Taxable income - Taxes (28%) = Net income Amount ($) 500,000 200,000 300,000 100,000 50,000 150,000 25,000 125,000 35,000 90,000 Sales are expected to increase to $600,000 in 2020, while interest expenses and the average tax rate are expected to stay constant. 18 Attempt 2/10 for 10 pts. Part 1 Prepare a pro forma income statement for 2020 using the percent-of-sales method. What is the expected net income? 0+ decimals Submit Part 2 18 Attempt 1/10 for 10 pts. We also know the break-down into fixed and variable costs for 2019: COGS Fixed costs Variable costs 50.000 150,000 75,000 25,000 SG&A Prepare a pro forma income statement for 2020 using the percent-of-sales method and distinguish between fixed and variable costs. What is the expected net income? 0+ decimals Submit