SantosCorporation is considering investing in FencoCorporation,but is unsure about what level of ownership should be undertaken. Santos and Fenco have the following reported incomes:

Santos Fenco

Sales...................... $700,000 $450,000

Cost of Goods Sold.......... $300,000 $300,000

Gross Profit....... $400,000 $150,000

Selling and Administrative Expenses...... $120,000 $80,000

Net Income........ $280,000 $80,000

Fenco paid $15,000 in cash dividends to its investors. Please prepare a pro forma income statement for SantosCorporationthat compares income under 10%, 30%, and 80% ownership levels.