The income statement for the ZZZ Mattress Co$.$ for the year ended December $31,2021$ follow:

Income Statement

ZZZ Mattress Company

For the Year Ended December $31,2021$

Sales $$300,000$

Less: Cost of goods sold $195,000$

Gross Profit $$105,000$

Less: Selling Expense $40,000$

General and administrative expense $11,000$

Less: Depreciation $10,000$

Operating profit $$44,000$

Less: Interest $12,000$

Net Profit before taxes $$32,000$

Less: Taxes $(40\%)12,800$

$\_\_\_\_\_\_\_\_\_$

$ $19,200$

The ZZZ Mattress Co$.$ has been requested by the $1$st National Bank, a major creditor, to prepare a pro forma financial reporting for the year ending, December $31,2022.$ Using the percent$-$of$-$sales method and the following financial data:

$2022$ sales are estimated at $$330,000.$

$$ Total depreciation expense for $2022$ will be $15,000.$ Corporate Tax Rate $-21\%$