Jocob Long, the controller of Arvada Corporation, is trying to prepare a soles budget for the coming year. The income statements for the last four quarters follow: Historically, cost of goods sold is about 50 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue. Fred Arvoda, the chilef executive officet, told Mr. Long that he expected sales next yeor to be 15 percent for each respective quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales growth would be only 10 percent Required a. Prepare a pro formo income statement including quarterly budgets for the coming year using Mr. Arvada's estimote. b. Prepare a pro formo income ttatement including quarterly budgets for the coming year using Ms. Banics' estimate Complete this question by entering vour answers in the tabs below. Prepare a pro forme income statement including quarterly budgets for the coming vear using Ms. Banks' estimate