Part II: Problem-solving Write your answer in the space provided or on a separate sheet of paper. Question 1:(6 marks) Huddleston Manufacturing estimates its sales in 2023 will be $4.5 million. The firm plans to pay cash dividends of $120,000 during 2023. Prepare a forma income statement for the year ended December 31, 2023, based pro on the 2022 income statement shown below. Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating Profits Less: Interest expense Net profits before taxes Less: Taxes (40%) Net profits after taxes Less: Cash Dividends To: Retained earnings $2,800,000 1,820,000 $ 980,000 240,000 $ 740,000 70,000 $ 670,000 268,000 $ 402,000 132,000 $ 270,000