Latrobe Electric Auto Corp. is considering launching a new 1-seat electric vehicle. The equipment will cost $780,000, have a four-year life, and no salvage value. Depreciation on this equipment is by the straight-line method to zero. Sales are projected to be 170 vehicles per year when sold at a price of $16,300. There are per unit costs of $11,100 for every vehicle produced. There are additional fixed costs, incurred on a yearly basis of $535,000 per year. The required return for this product line is 115 and the corporate tax rate is 21%.

Construct a pro forma income statement for one year of this project.