Problem 10-3 Calculating Projected Net Income [LO1] A proposed new investment has projected sales of $515,000. Variable costs are 41 percent of sales, and fixed costs are $127,000; depreciation is $49,000. 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.) Sales Variable costs Fixed costs Depreciation EBT Taxes Net income