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Problem 10-3 Calculating Projected Net Income [LO1] A proposed new investment has projected sales of $550,000. Variable costs are 40 percent of sales, and fixed

Problem 10-3 Calculating Projected Net Income [LO1]

A proposed new investment has projected sales of $550,000. Variable costs are 40 percent of sales, and fixed costs are $130,500; depreciation is $50,750. Prepare a pro forma income statement assuming a tax rate of 23 percent. What is the projected net income? (Input all amounts as positive values. Do not round intermediate calculations.)

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