USE THE PERCENT OF SALES METHOD TO PREPARE A PROFORMA INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 2021 FOR PALTEL. PALTEL ESTIMATES THAT ITS SALES IN 2021 WILL BE 8000000.INTEREST EXPENCE IS REMAINED UNCHANGES AT 95,000 AND THE FIRM PLANS TO PAY CASH DIVIDEND OF 130000 DURING 2021. APIC'S INCOME STATEMENT FOR THE YEAR ENDED DEC 2020 INCOME STATEMENT APIC FOR THE YEAR ENDED DEC 2020 SALES $3,500,000 COGS 2 100.000 FIXED 500.000 VARIABLE 1600,000 GROSS PROFIT 1.400,000 OPERATING EXPENSES 105000 FIXED 25000 VARIABLE 80,000 OPERATING PROFIT 205.000 INTEREST EXPENSE FIXED 95,000 EBT 1.200,000 TAXES(40%) 480,000 NET INCOME 720,000 WHAT IS THE COST OF GOOD SOLD IN YEAR 2021 WHAT IS THE GROSS PROFIT IN 2021? WHAT ARE THE OPERATING EXPENSES FOR 2021 WHAT IS THE OPERATING PROFIT IN 2021? WHAT IS THE EARNINGS BEFORE TAX IN 20219 ENG WHAT IS THE OPERATING PROFIT IN 2021? WHAT IS THE EARNINGS BEFORE TAX IN 2021? WHAT IS THE NET INCOME IN 2021? WHAT IS THE AMOUNT THAT GOES TO RETAINED EAARNINGS IN 20219 Next page We ENGE