ne pe ne pel lele esta forme Metroline Manufacturing Income Statement for the Year Ended December 31, 2019 Sales revenue $1,390,000 Less: Cost of goods sold 916,000 Gross profits 5474,000 Less: Operating expenses 116,000 Operating profits 5358,000 Loss Interest expense 37 000 Net profits before taxes $321 000 Less Taxes (rate = 40%) 128.400 Net profits after taxes $192.600 Less Cash dividends 63.000 To retained earnings $129.600 Metroline Manufacturing Breakdown of Costs and Expenses into Fixed and Variable Components for the Year Ended December 31, 2019 Cost of goods sold Fixed cost $208,000 Variable cost 708,000 Total cost 5916,000 Operating expenses Fixed expenses $32.000 Variable expenses 84 000 Total expenses $116.000 ales nes ny Print Done Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales in 2020 will be $157 million Interest expenso is expected to remain unchanged at $37.000, and the firm plans to pay $65.000 in cash dividends during 2020 Metroline Manufacturing's income stafement for the year ended December 31, 2019, is given along with a break down of the firm's cost of goods sold and aperating expenses into their fixed and variable components. Use the percent of-sales method to prepare a pro forma income statement for the year ended December 31, 2020, (percent of sales method) Sales Lens Cost of goods sold Gross profits s Loss: Operating expenses Operating profits Less Interest expense Net profes before taxes $ Loss Tacos Not profits after txos $ Enter any number in the sand ng