We would like a forecast of our net income projected for the next quarter,April to June 20X3. We have gathered the following information:

(7 marks)

?sales ?$3,900,000

?cost of goods sold ?same percentage of sales as 20X2

?selling and marketing ?$26,000

?research and development ?$95,000

?general and administration ?$115,000

?other operating expenses ?$4,600As at April1, 20X3, the opening cash balance is $76,250 and the line of credit balance is $181,200. Starting in 20X3, the company now earns 1.5% on its cash balance.Note: Assume the cash balance and the line of credit balance do not fluctuate during the quarter. Use number of days to calculate interest expense. Round percentages to two decimals; for example,26.67%