(Using common-size financialstatements)TheS&H Construction Company expects to have total sales next year totaling $15,500,000. Inaddition, the firm pays taxes at 35 percent and will owe $280,000 in interest expense. Based on lastyear's operations thefirm's management predicts that its cost of goods sold will be 59 percent of sales and operating expenses will total 31 percent. What is your estimate of thefirm's net income(after taxes) for the comingyear?

Complete thepro-forma income statementbelow:(Round to the nearestdollar.)

Pro-Forma Income Statement

Sales

$

Cost of goods sold

Gross profit

$

Operating expenses

Net operating income

$

Interest expense

Earnings before taxes

$

Taxes

Net income

$

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