The income statement for the 2021 fiscal year for Leonard Industries is provided below. The company wishes to forecast their 2022 income statement and the following information has been gathered: The marketing department estimates that sales will increase by $200,000 in 2022. Cost of goods sold (COGS) and Selling, general and administrative expenses are both expected to remain the same percent of sales in 2022 as they were in 2021. Interest expense is expected to increase to $40,000 in 2022. The tax rate and will increase from 30 percent to 35 percent. The company plans to pay the same proportion of earnings out in dividends. I Leonard Industries Income Statement Fiscal Year End 2021 Sales Revenue $1,100,000 Cost of Goods Sold 715.000 Gross Profit 385,000 Selling, general & admin. expenses 220,000 Operating Profit (EBIT) 165,000 Interest expense 30.000 Earnings before taxes 135.000 Taxes 40.500 Earnings after taxes $94.500 Leonard Industries Income Statement Fiscal Year End 2021 $1,100,000 715,000 385,000 Sales Revenue Cost of Goods Sold Gross Profit Selling, general & admin. expenses Operating Profit (EBIT) Interest expense Earnings before taxes Taxes I Earnings after taxes 220,000 165,000 30,000 135,000 40,500 $94,500 Common stock dividends Increase in retained earnings 9.450 $85,050 Prepare a pro forma income statement in the space provided in the Template. Show all of your calculations beside your Pro Forma amounts