Problem 10-3 Calculating Projected Net Income [LO1] A proposed new investment has projected sales of $557,000. Variable costs are 39 percent of sales, and fixed costs are $131,000; depreciation is $51,000. Prepare a pro forma income statement assuming a tax rate of 24 percent. What is the projected net income? (Input all amounts as positive values. Do not round Intermediate calculations.) Sales Variable costs Fixed costs Depreciation EBT Taxes Net income

Problem 10-3 CalculatIng Projected Net Income [LO1] A proposed new investment has projected sales of $557,000. Variable costs are 39 percent of sales, and fixed costs are $131,000; depreciation is $51,000. Prepare a pro forma income statement assuming a tax rate of 24 percent. What is the projected net income? (Input all amounts as positlve values. Do not round Intermedlate caleuletions.)