Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales in $2020$ will be $$1\mathrm{.}50$ million. Interest expense is expected to remain unchanged at $$35,000,$ and the firm plans to pay $$70,000$ in cash dividends during $2020.$ Metroline Manufacturing's income statement for the year ended December $31,2019,$ is given $,$ along with a breakdown of the firm's cost of goods sold and operating expenses into their fixed and variable components.

a$.$ Use the percent$-$of$-$sales method to prepare a pro forma income statement for the year ended December $31,2020.$

b$.$ Use fixed and variable cost data to develop a pro forma income statement for the year ended December $31,2020.$

c$.$ Compare and contrast the statements developed in parts a$.$ and b$.$ Which statement probably provides the better estimate of $2020$ income? Explain why.