Score: 0.06 of 1 pt 7 of 8 5 complete HW Score: 38 28%, 3.06 of 8 P4-16 (similar to) Question Help Pro forma income statement The marketing department of Metroline Manufacturing estimates that is said in 2000 will be $1,63 million. Interest expense is expected to remain unchanged at 38,000, and the frm plans to pay $68,000 in cash dividends ouring 2020. Metroline Mandachung income statement for the you ended December 31, 2019. i piven abong with a breakdown of the free's cost of goods toid and Operating expenses into their Bed and variable components Use the percent of sales method to prepare a proforma income statement for the year ended December 31, 2000 Use fred and cost data to develop a proforma income went for the year ended December 31, 2020 c. Compare and contract the statements developed in parts and b. Which ont probably provided to bene estimate of 2020 income? Oplain why 2 Use the percent of sales method to prepare a proforma income some for the year and December 31, 2020 Complete the profona income statement for the year and December 31, 2020 below. Round the percentage of the lo four decin places and the proforma income statement amounts to the restent dolor) Pro Forma Income Statement Metroline Manufacturing, Inc. for the Year Ended December 31, 2020 (percent-of-sales method 5 Sales $ Los Cost of goods Gross prots Looping Opera resten Nobelors 5 Enter y number in the fields and then click Check 2 aning Check Anne Interest expense is expected to rema Data Table X (For Income Staement, click on the icon here in order to copy the contents of the data table below into a spreadsheet.) (For Breakdown of Costs and Expenses, click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Metroline Manufacturing Metroline Manufacturing Income Statement Breakdown of costs and Expenses for the Year Ended December 31, 2019 into Fixed and Variable Components Sales revenue $1,398,000 for the Year Ended December 31, 2019 Less: Cost of goods sold 917,000 Cost of goods sold Gross profits $481,000 Fixed cost $209,000 Less: Operating expenses 115,000 Variable cost 708,000 Operating profits $917,000 Less: Interest expense 38,000 Operating expenses Net profits before taxes $328,000 Fixed expenses $38,000 Less: Taxes (rate=40%) 131,200 Variable expenses 77,000 Net profits after taxes $196,800 Total expenses $115,000 Less: Cash dividends 69,000 To retained earnings $127,800 $366,000 Total cost Print Done