Separtmental income statements follow, WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 170,000 $105,000 $275,000 Cost of goods sold 83,300 65,100 148,400 Gross profit 86,700 39,900 126,600 Direct expenses Sales salaries 22,000 7,400 29,400 Advertising 1,700 500 2,200 Store Supplies used 600 700 1,300 Depreciation-Equipment 2,100 900 3,000 Total direct expenses 26,400 9,500 35,900 Allocated expenses Rent expense 7,840 4,080 11,120 Utilities expense 2,400 2,000 4,400 Share of office department expenses 10,000 4,000 14,000 Total allocated expenses 19,440 10,080 29,520 Total expenses 45,840 19,580 65,420 Net income $ 40,860 $ 20,320 $ 61,180 Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate $54,000 in sales with a 85% gross profit margin and will require the following direct expenses: sales salaries, $7,000; advertising, $700; store supplies, $700; and equipment depreciation, $500. It will fit the new department into the current rented space by taking some square footage from the other two departments. When opened, the new Painting department will fill one-fifth of the space presently used by the clock department and one-fourth used by the Mirror department Management does not predict any increase in utilities costs, which are allocated to the departments in proportion to occupied space for rent expense). The company allocates office department expenses to the operating departments in proportion to their sales. It expects the Painting department to increase total office department expenses by $7,400. Since the Painting department will bring new customers into the store, management expects sales in both the clock and Mirror departments to increase by 13%. No changes for those departments' gross profit percents or their direct expenses are expected except for store supplies used, which will increase in proportion to sales. Required: Prepare departmental income statements that show the company's predicted results of operations for calendar-year 2020 for the three operating (selling) departments and their combined totals. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) WILLIAMS COMPANY Forecasted Departmental Income Statements For Year Ended December 31, 2020 Clock Mirror Paintings Combined 0 0 0 0 Sales Cost of goods sold Gross profit Direct expenses Sales salaries Advertising Store supplies used Depreciation of equipment WILLIAMS COMPANY Forecasted Departmental Income Statements For Year Ended December 31, 2020 Clock Mirror Paintings Combined 0 0 0 0 Sales Cost of goods sold Gross profit Direct expenses Sales salaries Advertising Store supplies used Depreciation of equipment Total direct expenses Allocated expenses Rent expense Utilities expense Share of office dept. expenses Total allocated expenses Total expenses Net income 0 0 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0