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XD 5 Calculating net income - Excel ? 5 X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In i Calibri - 11 AA Paste BIU I % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font A1 foc A B D F G H J E A proposed new investment has projected sales of $635,000. Variab 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 21 percent. What is the projected net income? 3 4 5 6 $ 7 8 Projected sales Variable cost (% of sales) Fixed cost Depreciation Tax rate $ $ 635,000 44% 193,000 54,000 21% 9 10 11 12 13 Complete the following analysis. Do not hard code values in your calculations. 14 15 16 17 18 Sales Variable costs Fixed costs Depreciation EBT Taxes Net Income 19 20 21 22 Sheet1 READY + 100%