Using this same data, create a pro forma income statement for next year using the following assumptions: sales increase by $5\%,$ cost of goods sold increase by $3\%,$ SG&A increase by $7\%,$ taxes and interest remain the same.

Sales are $$5,500,000$

SG&A is $$700,000$

Interest is $$50,000$

Tax rate is $40\%$

Cost of Goods Sold is $$4,000,000$