please see attachment

Santos Corporation is considering investing in Fenco Corporation, but is unsure about what level of ownership should be undertaken. Santos and Fenco have the following reported incomes: Santos Fenco Sales...... $700,000 $450,000 Cost of Goods Sold.......... $300,000 $300,000 Gross Profit....... $400,000 $150,000 Selling and Administrative Expenses...... $120,000 $80,000 Net Income........ $280,000 $80,000 Fenco paid $15,000 in cash dividends to its investors. Please prepare a pro forma income statement for Santos Corporation that compares income under 15%, 40%, 90% and 100% ownership levels