Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales in 2020 will be $158 milion Interest expenso is expected to remain unchanged at $30,000, and the firm plans to pay $71,000 in cash dividends duong 2020 Metro Manufacturing's income statement for the year ended December 31, 2019, is given along with a breakdown of the firm's cost of goods sons and operating expenses into their feed and variablo components # Use the percent of salos method to prepare a proforma income statement for the your onded December 31, 2020 b. Use food and be cost data to develop a pro forma income statement for the year coded December 31, 2020 c Compare and contrast the statements developed in parts and b. Which statement probably provides the better estimate of 2020 income? Explain why (For Income Staement, click on the icon here in order to copy the contents of the data table below into a spreadsheet.) (For Breakdown of Costs and Expenses, click on the icon here in order to copy the contents of the data table below into a spreadsheet) Metroline Manufacturing Metroline Manufacturing Income Statement Breakdown of Costs and Expenses for the Year Ended December 31, 2019 into Fixed and Variable Components Sales revenue $1,396,000 for the Year Ended December 31, 2019 Less Cost of goods sold 918,000 Cost of goods sold Gross profits $478,000 Fixed cost $206.000 Less. Operating expenses 121 000 Variable cost 712,000 Operating profits $357,000 Total cost $918,000 Less Interest expense 30,000 Operating expenses Net profits before taxes $327,000 Fixed expenses $39,000 Less Taxes (rate=40%) 130,800 Variable expenses 82,000 Net profits after taxes $196,200 Total expenses 5121000 Less Cash dividends 67,000 To retained earnings $129,200 Print Done