Tamarisk Corporation performs year-end planning in October of each year before its calendar year ends in December. The preliminary estimated net income is $2,484,000. The CFO meets with the company president to review the projected numbers. She presents the following projected information: TAMARISK CORPORATION PROJECTED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $40.500,000 Cost of goods sold $23,400.000 Depreciation 2,520.000 Operating expenses 10,440,000 36.360,000 Income before income tax. 4.140,000 Income tax 1,656,000 Net income $2.484,000 TAMARISK CORPORATION SELECTED BALANCE SHEET INFORMATION AT DECEMBER 31, 2020 Estimated cash balance $1,800,000 Available-for-sale securities (at cost] 5,400,000 Fair value adjustment (1/1/20) 1.260,000Date Account Titles and Explanation Debit Credit (To record the lease.) (To record lease payment.) (To record interest.) V (To record amortization.)\fTAMARISK CORPORATION Projected Income Statement v