Problem $10-3$ Calculating Projected Net Income $[$LO$1]$

A proposed new investment has projected sales of $$564,000.$ Variable costs are $37$

percent of sales, and fixed costs are $$132,000$; depreciation is $$51,500.$ Prepare a pro

forma income statement assuming a tax rate of $21$ percent. What is the projected net

income? $($Input all amounts as positive values. Do not round intermediate

calculations.$)$A proposed new investment has projected sales of $$564,000.$ Variable costs are $37$ percent of sales, and fixed costs are $$132,000$; depreciation is $$51,500.$ Prepare a pro forma income statement assuming a tax rate of $21$ percent. What is the projected net income? $($Input all amounts as positive values. Do not round intermediate calculations.$)$