P10-3 Calculating Projected Net Income (LO1) A proposed new investment has projected annual sales of $830,000. Variable costs are 60 percent of sales, and fixed costs are $181,000 per year; depreciation is $77,000 per year. Prepare a pro forma income statement assuming a tax rate of 35 percent. The projected net income per year is $ . (Do not include the dollar sign ($).)