Problem 9 Intro Income statement for 2021 Line item Amount ($) Sales 360,000 - COGS 144,000 = Gross profit 216,000 - SG&A 72,000 - Depreciation 36,000 = Operating profit 108,000 - Interest 25,000 = Taxable income 83,000 - Taxes (28%) 23,240 = Net income 59,760 Sales are expected to increase to $432,000 in 2022, while interest expenses and the average tax rate are expected to stay constant. Part 1 Attempt 1/3 for 10 pts. Prepare a pro forma income statement for 2022 using the percent-of-sales method. What is the expected net income? 0+ decimals Submit Part 2 Attempt 1/3 for 10 pts. We also know the break-down into fixed and variable costs for 2021: Fixed costs Variable costs COGS SG&A 36,000 54,000 108,000 18,000 Prepare a pro forma income statement for 2022 using the percent-of-sales method and distinguish between fixed and variable costs. What is the expected net income? 0+ decimals Submit