Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales next year will be $1.68 million. Interest expense is expected to remains at $32,000, and the firm plans to pay $74,000 in cash dividends. Metroline Manufacturing's income statement for the previous year is given goods sold and operating expenses into their foxed and variable components a. Use the percent-of-sales method to prepare a pro forma income statement for next year. b. Use fixed and variable cost data to develop a pro forma income statement for next year. along with a breakdown of the fimm c. Compare and contrast the statements developed in parts a. and b. Which statement probably provides the better estimate of income? Explain why wwwww a. Use the percent-of-sales 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 stateme amounts to the nearest dollar) Pro Forma Income Statement Metroline Manufacturing, 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 Loss Interest expense $ 96 96 $ les method) EA 19 IA 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 $ example Get more help - 4 % %