Pro forma income statement. The marketing department of Metroline Manufacturing estimates that its sales next year will be $1,68 million. Interest oxpenso is expected to remain unchanged at $40,000, and the fim plans to pay $67,000 in cash dividends, Metroline Manufacturing's income statement for the previous year is given along with a breakdown of the firmis cost of goods sold and operating oxpenses into their fixed and variable components. a. Ute the percent-ofsales method to prepare a pro forma income statement for next year. b. Use fixed and variable cost data to develop a pro forma incomo statement for next year. c. Compare and contrast the statements devoloped in parts a. and b. Which statement probably provides the betior estimate of income? Explain why. a. Use the percent-ofsales method to prepare a pro forma income statement for the year ended December 31,2020 . Complete the pro forma income statement for the year ended December 31, 2020 below: (Round the percentage of sales to four decimal places and the pro forma income statement amounts to the nearest dollar.) Metroline Manutacturing, Inc. for the Year Ended December 31, 2020 (percent-of-sales method) Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating profits Less: Interest expense Net profits before taxes Less: Taxes Net profits after taxes Less: Cash dividends To.retained earnings