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Please explain step by step so that I can understand. A proposed new investment has projected sales of $635,000. Variable costs are 44 percent of

Please explain step by step so that I can understand. A proposed new investment has projected sales of $635,000. Variable costs are 44 percent of sales, and fixed costs are $193,000; depreciation is $54,000. Prepare a pro forma income statement assuming a tax rate of 35 percent. What is the projected net income?

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