QUESTION II ( 10pts ) Review the abbreviated income statement below, for ABC Manufacturing Inc. as at year-end 2019. ABC sold 20,000 units, at $40 each. COGS (Cost of Goods Sold) was $15 per unit. Operating Expenses included the following items: \begin{tabular}{lc} Salaries Expense & $160,000 \\ \hline Commission Expenses & 80,000 \\ Utilities Expense & 15,000 \\ Depreciation Expense & 30,000 \\ Interest Expense & 21,000 \end{tabular} Prepare the Year-End December 31, 2020 Pro Forma Income Statement, based on the following estimates: - Sales volume is expected to grow by 10% in 2020 , and sales price per unit will increase to $41. - Salaries and commission will increase by 5% in 2020 - ABC will pay down some of its long-term debt, therefore interest expense will be reduced by 30%. - All other expenses will remain the same