The completed pro forma income statement of MGM Corporation is given below. The initial estimate of interest expense for 2015 is $2, 200. However, the balance sheet suggests it should be different because it has $28,000 of long-term debt at 10% and $5,000 of short-term debt (bank loan) at 6%. The company has a 25% tax rate. True or false. The company's adjusted pro forma net income for 2015. based on the interest expense calculated on the basis of the debt on the company's balance sheet, is $5, 175